The non-fungible tokens (NFT) sales volume surged to $10.7 billion in the third quarter of 2021. They were up more than eightfold from the previous quarter as the frenzy for crypto has reached new highs.
NFT's were introduced way back into the market in 2017. While this space was trading since then, the big numbers have started to come in only by 2021. NFT sales surged in the third quarter of 2021 totalling Rs 79,000 crores compared to just about Rs 9,600 crore in the second quarter and less than Rs 9,000 crore in the first quarter of this year. The total amount spent on NFT's in 2021 now stands at Rs 98,435 crore.
NFTs are regarded as modern-day collectibles available for purchase and sale online with digital evidence of ownership of any items included. Since the beginning of 2021, the surge experience with NFT's has been unparallel. In January, the monthly sale of NFT at OpenSea was just about eight $8 million and then the next month stands at a strong $95.2 million.
The most expensive NFT to date is the digital collage sold at Christie's for $69.3 million in the month of March. Since then, no other NFT has come close to this price.
Despite growing sales, celebrities and other investors jumping onto the trend, the number of NFT buyers remains relatively small. There are just about 265,000 active wallets trading in NFT's on the Ethereum blockchain in the third quarter. When you further break it down to price category, more than half of NFTs sold in the third quarter were within $100 to $1,000. While those in the $1,001 to $10,000 bracket accounted for 20 percent and about 17 percent fetched less than $100 for an NFT.