Secondary NFT Sales Hit $10 Billion | Ethereum Takes Largest Layer-2 and Blockchain Chunk with $6 Billion in Secondary NFT Sales
(Photo courtesy of Unsplash.com) Secondary NFT Sales Hit $10 Billion | Ethereum Takes Largest Layer-2 and Blockchain Chunk with $6 Billion in Secondary NFT Sales The NFT market, which includes NFT gaming, sports, PFPs (profile pictures), and collectibles, has officially reached the $10 billion threshold in secondary sales. When it comes to secondary NFT sales, Ethereum continues to top all blockchains and Layer-2s with almost $6 billion.
NFT reaches its pinnacle in 2021.
According to Mason Nystrom, a research analyst at MessariCrypto who previously worked for ConsenSys, the NFT industry has seen a lot of peaks. The following are some of the highest points in the area: NBA Top Shot and NFT art in February 2021 PFPs – April to May 2021 PFPs, Axies, and Loot in August 2021 The next major item is yet to come, and September scores have yet to be tabulated.
Dominance of the Ethereum NFT Market
When Flow’s very own NBA Top Shot encapsulated a larger fraction of the market, Ethereum’s very own NFT market domination was able to reach an all-time low in February 2021. Despite the hefty costs, Ethereum has recently been able to reclaim its NFT dominance.
Over the previous 12 months, the entire NFT ecosystem has evolved from a small ecosystem with only a few hundred million in sales volume to its current status as a multichain ecosystem with a rumored value of tens of billions of dollars. On GetRevenue, Mason Nystrom wrote a more extensive post.
Future of NFT Multichain
When it comes to secondary NFT sales, it was highlighted that the multichain future is swiftly arriving, with three Layer-1 blockchains having secondary volumes above $100 million and Ethereum leading all blockchains and Layer-2s with over $6 billion. The next closest competitor is Axie Infinity’s own Ronin sidechain, which has over $2 billion in sales, followed by Flow, which has over $700 million in volume.
Secondary transactions, or sales done between individuals rather than from the platform to individuals, are said to be a good indicator of the overall health of the NFT market because they show the appetite for demand. The complete NFT was mentioned. News from Brinkwire in a nutshell.