The institutional entry of companies betting on non-fungible tokens is driving the recovery of the NFT market, which shows a year-on-year growth of more than 700%.
The NFT market closed the month of July with a total sales volume of almost 650 million dollars. However, in the second quarter of this year, the volume reached by this market was 7.860 million, according to data from the CryptoSlam platform.
The sales volume achieved by the NFT market in the second quarter represents a year-on-year growth of over 700% compared to the second quarter of 2021, which recorded a total sales volume of $1.008,8 million.
Bored Ape Yacht Club, CryptoPunks, Sorare, Otherdeed, Mutant Ape Yacht Club, Art Blocks, Moonbirds, Potatoz, Ethereum Name Service and CloneX have been the 10 NFT crypto collections that have seen the highest sales volume in recent months.
Source: CryptoSlam
The year-over-year growth seen in the NFT market has accelerated as more companies discover the enormous potential that these digital assets hold.
Recently, Tiffany's and FC Barcelona joined the NFT craze, becoming the latest two major companies and world-renowned organizations to enter the non-fungible world.
It may interest you: Axie Infinity dominated the NFT market in 2021, with a trading volume of almost $3.500B
NFT market continues to grow despite crypto winter
NFTs are becoming increasingly popular among businesses across all industries.
As reported by this media, the American market researcher and consultant Grand View Research pointed out that companies have begun to explore the utility and potential of NFTs in other commercial areas, beyond art, collectibles and video games. Although these remain the most explored applications and trends of NFTs currently, decentralized domain names, logistics, tokenization and digital identity are also gaining traction in the non-fungible token market.
The quality of these digital assets to uniquely represent objects motivates their use and adoption by companies and artists. Because of this, Grand View Research predicts that the NFT market will grow exponentially for the next decade, surpassing $200.000 billion in capitalization by 2030.
Source: Grand View Research
Current data from the CryptoSlam platform suggests that the positive outlook for the NFT market is correct. Despite the harsh winter that cryptocurrencies are experiencing, interest, trading and negotiation of NFTs continues to grow, when viewed from a broader perspective.
Opensea recorded its 5th highest month in NFT sales in July
Opensea, the largest NFT marketplace in the crypto industry, recorded its fifth-highest month for NFT sales ever last July.
NFT collector BatSoupYum took to Twitter to share charts from Dune Analytics, compiled by blockchain analyst Richard Chen, that reflect the growth experienced by the NFT marketplace platform since last year.
According to these charts, Opensea also recorded its sixth highest month in the number of active merchants per month last July.
On the other hand, crypto investor “greatmando_nft” opined that one of the things that has driven merchants’ interest in the NFT market has been the drop in the price of Ethereum (ETH), which closed the month of June with a value close to $1.060 per ETH.
More than $690.000 for the FC Barcelona NFT
As a sign of the current interest that investors have in NFTs, FC Barcelona auctioned off its first NFT token, “In a Way, Immortal,” for a total value of $693.000 through auction house Sotheby's in late July. This was 30 times higher than the initial starting price set by FC Barcelona of $22.000 for the digital asset.
FC Barcelona, which will be releasing other unique NFTs in the coming months to represent the most commemorative moments in football and its history, offered special benefits to the holder of “In a Way, Immortal.”
One of the creators of the Mundo NFT podcast, Fede Bongiorno, commented on Twitter that brands and companies should adopt this path, of connecting their audiences through special benefits with NFTs, considering that increasing the utility of these digital assets will help boost their market even more.
Continue reading: Miguel Faus directs “Calladita”, the first European film financed with NFTs
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