The popularity of the Non-Fungible Token (NFT) metaverse is rising, as seen by the number of transactions on the popular marketplace, OpenSea.
According to Devin Finzer, co-founder and CEO of OpenSea, the platform handled $95 million in NFT transactions in two days, compared to $21 million in total for the full year of 2020.
The cryptocurrency ecosystem is always evolving, and the introduction of NFTs is a novel application of blockchain technology. NFTs are a technique to make digital assets on the blockchain more easily verifiable by securing their ownership. Digital artists and musicians, among others, are beginning to realize the uses of NFTs.
Devin agreed that the NFT surge is ridiculous, citing a tendency that has brought in entirely new ecosystem economics in his statements. OpenSea has become the most formidable NFT marketplace compared to its competitor’s thanks to a 650x increase in daily volumes.
According to DappRadar statistics, the two other main markets, SuperRare and Rarible, had daily transaction volumes of $543,000 and $248,000, respectively.
When the soaring costs of digital artworks were brought to the fore, the NFT boom was deemed unsustainable in its growth tendency. People’s every day, the most valuable NFT ever sold, was auctioned for $69.3 million in Ethereum (ETH). Other prominent NFT components sell for hundreds to millions of dollars, creating a growing valuation that many fear could hinder the technology’s widespread adoption.
NFTs have attracted the attention of major IT figures such as Twitter’s Jack Dorsey and Tesla’s Elon Musk. While Jack sold the first tweet for $2.5 million, Musk revealed that he is working on his first NFT, including a techno tune.