Weekly NFT trade volume surpasses $300 million for the first time
August 2, 2021, 12:47PM EDT
1 min read
The weekly trade volume of non-fungible tokens has surged past $339 million, according to data collected by The Block.
This marks a more than 70% increase from mid-July, when the NFT weekly trade volume peaked at $209.27 million. Before that, the weekly volume high was $197 million reported in February, as shown in the chart below:
CryptoPunks accounted for the majority of the latest weekly figure, coming in at $207 million. Axie Infinity accounted for $127 million and NBA Top Shot accounted for about $4 million. The average NFT transaction value has also increased, hitting an average of $34,600 after a series of CryptoPunk sales earlier this week.
However, the number of weekly NFT transactions is still in decline as of July 26, with the last peak happening in May. NBA Top Shot has consistently accounted for the majority of transactions since it launched.
Although trade volumes declined slightly after peaking in March, NFT activity has picked back up in recent weeks. Brands, celebrities, and other entities continue minting their own unique tokens. NFT marketplaces have continued to develop, with platforms like OpenSea and Rarible securing funding recently.
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Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.