TL;DR Breakdown:
- The secondary sales in the NFT market have surpassed $10 billion, showing strong demand in the market.
- The overall market is said to be worth around $20 to $30 billion.
The non-fungible token (NFT) market has had a stellar performance since the beginning of this year, with millions of contents now traded across different related platforms on a daily basis. Interestingly, the total value of secondary sales in the non-fungible token market has also recently surpassed $10 billion, for all the major blockchain networks, excluding Solana.
Secondary sales constitute all NFTs sold peer-to-peer and not from the platforms to the buyers or investors, and it depicts the interest and appetite of investors regarding NFTs. According to the data from Messari, Ethereum has the highest value of secondary sales, worth over $6 billion.
Axie Infinity’s Ronin sidechain has seen more than $2 billion, while Flow blockchain records over $700 million. Ethereum is currently dominating the whole NFT market; however, this was not so in February, when its dominance actually shrunk to the lowest levels following the massive traction of Flow’s NBA Top Shot at the time, says Messari analyst Mason Nystrom.
Overall, the total sales in the NFT market are worth at least $20 million.
“The total NFT sales number across all blockchains (e.g. including Tezos, Solana) and including primary sales, fractional sales, and platforms like OpenSea likely falls in the $20-30 billion range, potentially higher,” Nystrom wrote.
The latest in NFT market
The market now comprises a diverse category of crypto art. Recently, Cryptopolitan reported that a church in a church in Bangkok, Thailand, is preparing to launch the first-ever set of crypto arts representing catholicism.
Additionally, the iconic moment where Britney Spears was seen kissing Madonna in the 2003 Video Music Awards is set to be auctioned off as a non-fungible token.
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