Following a couple of relatively dormant months, the NFT market has sprung back to life and is hitting record after new record. Its resurgence has served to disprove multiple obituaries written for the space after it plummeted from its meteoric highs in early 2021.
Global Interest in NFTs Surges 426% in One Month
According to the research data analyzed and published by Wette.de, the global NFT market has a market capitalization of $43.08 billion as of October 25, 2021. Its trading volume is around $3.6 billion.
For the past 10 months, weekly NFT sales range between $10 million and $20 million. There have been a number of wild weeks that have seen up to $170 million in sales. For instance, between the end of April 2021 and the end of May 2021, weekly trading volume rose from $50 million to nearly $200 million, a stunning 300% rise.
Clearly, global interest in non-fungible tokens (NFTs) has been on a steep rise over the past year. Based on data from Google Trends, the month of August 2021 alone saw worldwide interest in the NFT asset class surge by a whopping 426%.
At the beginning of August 2021, the keyword “how to buy NFT” had 20 searches. By August 29, it had risen to 100. For perspective, the level of search interest is measured in points, with 0 being the lowest and 100, the highest.
As of October 2021, Beeple still ranks first on the list of top NFT artists with a total artwork value of $145.03 million. He has sold 1,346 artworks so far with an average sale of $107,752 according to Cryptoart.io. The second-ranking artist, Pak, follows at a considerable distance with $56.41 million in total value.