- The top 5 NFT marketplaces on Ethereum have surpassed a 24-hour trade volume of $1 Million
- Such a high trade volume was usually reached after a week of NFT trading
- NFTs (Non-Fungible Tokens) are gaining popularity in an era of digital ownership
As Bitcoin and Ethereum continue on their bullish climb towards $11k and $400 respectively, another industry in the name of NFTs (Non-Fungible Tokens) is gaining considerable momentum. According to the team at DappRadar, the daily volume of the top 5 NFT marketplaces on Ethereum has just surpassed $1 Million.
This milestone was shared by the team at DaapRadar via the following tweet and accompanying screenshot highlighting $1.03 million in daily NFT trade volume.
— DappRadar (@DappRadar) October 9, 2020
$1 Million in NFT Trade Volume Was Usually Reached in a Week
To demonstrate the growth of the NFT marketplace, $1 Million in trade volume was a feat that was usually accomplished in a week. A September 2020 report by DappRadar on the state of the NFT marketplace had described $1 Million in weekly NFT trade volume as a noteworthy achievement.
Last week, according to data from non-fungible.com there were 9,284 sales total and $988,728 in NFT trade volume in 7-days. The average U.S. dollar price for a single NFT according to the data is now around $106.
This means that growth in the NFT industry is accelerating at an exponential rate as seen with the same NFT $1 Million trade volume being attained in 24 hours.
A New Era of Digital Ownership Using NFTs
NFTs are unique digital items that are issued on blockchains distinguishable from each other using a unique number. NFTs can be digital collectibles such as the famous CryptoKitties or virtual land on platforms such as Decentraland.
Artwork is also being created and sold in the form of NFTs with the Winklevoss Twins showing their support of such NFTs as seen in the following tweet by Tyler Winklevoss advising NFT enthusiasts to use NiftyGateway.com.
— Tyler Winklevoss (@tylerwinklevoss) October 5, 2020
In a recent report on NFTs, the team at DappRadar had concluded that the digital ownership industry will continue to evolve and become popular with time. More so due to the current trend of social distancing brought about by COVID19.
The introduction of digital ownership through NFTs is truly exciting. Real digital ownership is around the corner and the world appears to be pivoting to a more digital life overall. In part, spurred on by the Covid-19 pandemic in 2020.
As more and more people need to protect themselves for the outside world might we live in digital habitats full time? If so, we will need things to do in these virtual worlds and NFTs can provide the perfect solution to real digital ownership.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.