The third quarter NFT report shows that the non-fungible token market is “in a dynamic and unstoppable growth phase” – Blockchain Bitcoin News
Since the beginning of 2021, the demand for non-fungible tokens (NFT) assets has been significant, and the third quarter statistics show that key indicators have continued to rise. Just recently nonfungible.com released its NFT quarterly report for the third quarter of 2021, which showed an increase in active wallets and an increase in the number of NFT buyers, and the number of sellers grew faster than the number of buyers.
NFT actions surge in the third quarter
With NFT demand continuing into the last few months of this year, the NFT market trend in the third quarter of 2021 broke the previously recorded quarterly index. Researchers at the portal site nonfungible.com published a study covering the third quarter of 2021, and the data showed that most indicators are growing. For example, active wallets, the number of wallets interacting with NFT smart contracts, increased from 203,719 active wallets in the second quarter to 412,578 in the third quarter, an increase of 102.52%.
NFT buyers increased from 97,658 in the second quarter to 260,489 in the third quarter, an increase of 166.73%. Sellers jumped from 40,056 to 122,910, and increased by 206.84% in the previous quarter. The amount of USD exchanged for NFT in the second quarter was US$782 million, but it rose sharply to US$5.9 billion in the third quarter.
The third quarter report of nonfungible.com stated: “During the period when USD trading volume hit a record high at the end of August, we saw another record high for active wallets.” “Weekly trading volume is close to US$91 million in 2 months. It climbed to 1.674 US dollars.” Nonfungible.com researchers added:
After this peak, we noticed that the weekly trading volume has stabilized at a level that is nearly three times higher than before, at approximately US$300 million per week.
In terms of loyalty, NFT customers like Yuanjie NFT are the most loyal, followed by NFT collections. In terms of NFT loyalty, sports, games, art, and practical NFTs follow collectibles. Collectibles have the highest sales, accounting for 76% of sales, while 9% of sales are concentrated on art NFTs. Sports will be the least-selling NFT, accounting for only 1% of sales in the third quarter.
The third quarter report shows that “NFT market is developing at an exponential rate”
The largest NFT collection items include Cryptopunks and Bored Ape Yacht Club (BAYC). The researchers of the study elaborated that in terms of collectibles NFT, “the main market share has more than doubled, accounting for 75% of the entire collectibles market.” “This extremely high interest rate reflects the relative saturation of this market segment: too many assets are issued, too few resales, or low prices.”
The researchers’ report concluded that the market is developing rapidly at an “exponential speed.” The NFT third quarter report explained that liquidity is unprecedented, but it is also “more speculative and volatile than ever before.” “The recent growth of the NFT industry is almost unbelievable. In just a few months, the NFT traded exceeded the $1 billion mark, followed by $1 billion per quarter, and then surpassed $1 billion per month,” irreplacable. com’s research shows. The researchers further concluded:
If we believe the current data, the market is in a dynamic and unstoppable growth phase, and there is no hidden shadow in the corner. However, the reality is a bit different. We want to make it clear that indicators such as dollar transaction volume or transaction volume are not the best indicators for monitoring the market, because they can only reveal the tip of the iceberg.
What do you think of the non-fungible token (NFT) asset action in the third quarter? Please tell us your thoughts on this topic in the comments section below.
Image Source: Shutterstock, Pixabay, Wikimedia Commons, nonfungible.com
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