the volume exploded by + 42,988% in one year

The volume of NFT transactions has exploded

According to a publication of The Block, Those are $ 13 billion that has been traded during sales of NFT in the year 2021. Sales last year were only $ 33 million. We can also see that the increase in volume was very clear from the summer of 2021:

Monthly volume on NFT marketplaces – Source: The Block

We also see that the hegemony of OpenSea is for the moment very little contested. NFT’s buying and selling platform represents 88% of the trading volume for the whole of 2021, or $ 12.5 billion.

However, it is conceivable that this dominance of OpenSea will wane over the coming year. Several large centralized exchange platforms, including the long-awaited Coinbase or more recently Kraken, have indeed announced the launch of marketplaces for NFTs.

👉 Read about it – Kraken will allow the use of NFTs as collateral for loans

An “NFT mania” reminiscent of the ICOs of 2017?

Also expected, these are “profile picture” type NFTs (pfp) which dominate in terms of volume. With in particular the Cryptopunks, Art Blocks and NFTs of the Bored Ape Yacht Club (BAYC), which have been the most requested this year:

NFT volume art and collections

Trading volume of “art and collections” type NFTs – Source: The Block

The Block report also indicates that the rush for NFTs is similar to that which took place during the explosion of ICOs in 2017. He recalls that “ not all pfps can be Cryptopunks, just like allyour Proof of Work cryptocurrencies cannot be Bitcoin “.

According to The Block, using NFTs with Ethereum is still very expensive, due to the high transaction fees. This is why the arrival of scalability solutions, including those of the second layer, would be crucial. to promote the massive adoption of these tokens.

All of this indicates that despite the enthusiasm surrounding the sector, it is still technically in its infancy. The arrival new marketplaces and competitors to Ethereum will also help transform the NFT ecosystem in 2022.

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About the Author : Marine Debelloir


Deputy Editor-in-Chief on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to unearth the crispest information to share it with you.
All articles by Marine Debelloir.

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