Source: Barron’s

Massive market growth with over 2000% in NFT sales

A report from nonfunglible.com has shown that over $2 billion was spent on NFTs during the first quarter of 2021. This compares the quarter prior, Q4 of 2020, in which $93 million were sold — an increase of over 2000%.

Seen by many as the way art will be traded in an ever more digital world, many new investors have taken to the market, viewing their NFTs as digital collectibles that will be highly valuable in the future, when the rest of the world has caught on.

Due to the disparity between sellers and buyers — buyers have more than doubled that of the sellers — tokens have benefited from scarcity in the market which has increased their value.

The top sale of Q1 was Beeple’s ‘Everydays: The First 5000 Days’ which sold for an incredible $69 million and is a collage of Beeple’s daily sketches, showing the development of his illustrations over time. Not only did this artwork set a new record in the history of NFT sales, but it is also the third most expensive artwork to sell by a living artist.

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