Non-fungible token (NFT) sales volume surged past the $4 billion mark in the last month, according to TradingPlatforms.com and data released by DappRadar. The top marketplaces for NFTs included OpenSea, Magic Eden, Axie Infinity, and CryptoPunks, with transactions on OpenSea accounting for over $3 billion of the sales alone.
If you’re unsure of what an NFT is, it’s a unique and non-interchangeable unit of data stored on a blockchain, a form of digital ledger. NFTs can be associated with reproducible digital files such as photos, videos and audio
OpenSea, an NFT marketplace platform, saw its transactions volume grow by 20%. Other popular NFT marketplaces including Solanart, which is hosted on the Solana (SOL-USD) blockchain, and NBA Top Shot saw $53 million and $40 million in sales in the last month, respectively.
However, with the recent market downturn in light of the Fed’s hinting at raising interest rates earlier this year as well as flagship cryptocurrencies like bitcoin (BTC-USD) and ether (ETH-USD) plunging to multi-month lows, questions remain as to whether this growth in the NFT space will be sustained.
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