The Year of the Non-Fungible Token
This past year has cemented NFT into the lexicon. Collectors ranged from me and you to celebrities like Snoop Dogg, Steph Curry, and Jimmy Fallon. There was no escape from the NFT hype this year, and ConsenSys has the data to back that up.
Just how popular were NFTs in 2021?
In Q3 of this year alone, sales totaled USD $10.7 billion according to the ConsenSys Q3 report. This is up eight times from the previous quarter. Additionally, a total of almost 34 million sales took place in Q3.
Another interesting fact from the ConsenSys report is the shift in primary vs secondary sales. Secondary sales are beginning to outnumber primary sales. This is a sign that the space is maturing. As new projects continue to release, older projects are still staying relevant.
OpenSea Leading the Charge
OpenSea saw the large majority of the overwhelming volume last quarter. In only the month of August, OpenSea accounted for $3.16 billion of the total $3.25 billion sales volume. With OpenSea accounting for 97% of the marketplace volume over the past quarter, that leaves little room for competitors. Marketplaces like:
- Hic et Nunc
- Nifty Gateway
shared the remaining volume. Additionally, Christie’s is beginning to gain traction in the NFT industry. In September of this past year, the auction house surpassed $100 million in total sales for the month. This includes one NFT auction at the end of September, reaching a total of $15.6 million dollars.
What Do People Use NFTs For?
The sales volume these marketplaces see is truly hard to comprehend. What are people paying absurd amounts of money for?
Profile pictures were the number one thing this past quarter. Crypto native users on social media are an expressive group. Users want a way to stand out, yet still, be recognizable. NFTs give buyers just that, and with NFT verification coming to Twitter soon, this will not just be a fad.
Consensys highlights three of the most popular collections:
- Original pfp NFTs. 10,000 unique CryptoPunks with randomly generated attributes
- Bored Ape Yacht Club
- Doubles as verified access to a private club. Additional exclusive perks like airdrops, 3D models, live events and more
- From creators of Cryptopunks, Metaverse ready 3D avatars
These, among other NFT collections, give users a variety of benefits and highlight a larger movement in internet culture. There is a social status that comes with certain collections, as well as the ability to build communities like never before.
We have more to tell you so stay tuned for Part 2 of our analysis of the ConsenSys Web 3 Report.
Something to consider: Remember always to do your research, make your own decisions and invest in projects that interest you!
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