NFTs had their greatest month ever in February, in line with a report by DApp statistics trackers at DappRadar. Gross sales quantity from the highest three platforms grew to $342 million in February, up virtually 400% from the $71 million recorded the month earlier than.
Sports activities memorabilia platform NBA High Shot dominated the sector and is now accountable for 67% of whole NFT transaction quantity. The opposite NFT DApps within the prime three are OpenSea, a basic crypto collectibles market and CryptoPunks, an Ethereum-based collectibles sequence. CryptoPunks generated all-time excessive gross sales of $79M with the ground worth of punks rising from $10,000 to a median of $32,000.
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Try our February ’21 Dapp Trade Report back to learn the way completely different #blockchains and particular person tasks have carried out⬇️@ethereum @BinanceChain @Tronfoundation @flow_blockchain @WAX_io @0xPolygon https://t.co/8hxA1ATs0u
— DappRadar (@DappRadar) March 2, 2021
High gas fees on the Ethereum network saw several DeFi and NFT projects move off the platform in February, in favor of those with less costly transactions. Binance Chain recently surpassed Ethereum in terms of transaction volume and unique active wallet count and the report noted the rapid growth of several copycat NFT projects on Binance Chain, such as Binance Punks and Bashmarks.
5) Move NFT platform to Binance chain to avoid high gas fees
— Matthew ₿lack [340-342➞] (@matthewjablack) February 28, 2021
Regardless of excessive gasoline charges, statistics from CryptoSlam present that seven of final month’s prime 10 best-selling NFT products are nonetheless hosted on Ethereum. NBA Top Shot uses the Flow blockchain and the remaining two arehosted on WAX.
The quickest rising model among the many prime 10 is CryptoKitties, which noticed a resurgence in reputation as month-over-month gross sales elevated over 1,300%. The most recent entrant to position in CryptoSlam’s prime 10 gross sales listing is Capcom’s Street Fighter II series, which is at the moment #8, with $1.26 M in gross sales since its Feb. 16 launch.
That is 80% of all music NFT gross sales within the *final 9 months*.
— Cherie Hu (@cheriehu42) February 28, 2021
NFTs garnered a lot consideration within the first six weeks of the yr that CoinMarketCap added a devoted section for the sect on Feb. 15.
A file worth for a single NFT sale was set on Feb. 26 when a Beeple Crossroads NFT sold for $6.6 million, greater than 100 instances its authentic worth.
On Mar. 2, a brand new NFT gross sales file was set when digital music artist 3LAU sold $11.6 M price of NFTs from his personal web site in a single night. Solely hours earlier, musician Grimes completed $5.8 M in NFT sales in 20 minutes.
Not everyone seems to be impressed by the speedy rise of NFTs. On Mar. 2, Litecoin creator Charlie Lee compared the surge in NFT popularity to the ICO craze that occurred by way of a lot of 2017. He believes their relative simplicity and low barrier to entry will encourage widespread adoption of cryptocurrency, however that finally “few (NFTs) will maintain and have worth.”