Non-fungible tokens remain a crucial market in the broader cryptocurrency ecosystem. Although not everyone sees merit in NFTs, the overall transaction volume keeps trending higher. As of this week, that volume has surpassed 4 million ETH, or roughly $12 billion in traditional money.
NFT Transaction Volume Keeps Climbing
Depending on which metrics one looks at, NFTs are either peaking or losing traction. October seems to generate far fewer sales, yet the overall sales volume remains rather impressive. That is mainly due to some high-value collections making moves lately. Whether that momentum will prove sustainable is a different matter, but it contributes to ongoing industry growth for now.
As the NFT transaction volume has surpassed 4 million ETH, an important milestone has been reached. Although 4 million ETH may not seem that much, it represents nearly $12 billion. A substantial amount for digital pixels, although one that is likely to keep increasing over time. Moreover, it appears this transaction volume doesn’t include all blockchains, but mainly Ethereum. as it tracks sales in ETH and WETH.
With NFT sales still making headlines regularly and new collections launching every week, it is crucial to dive into the statistics. So far, there have been over 6.3 million NFT transactions on the Ethereum blockchain. Moreover, those transactions span 7,804 existing collections, indicating there is still enough competition. Not all collections can be successful, though, but that is par for the course.
Rivaling the likes of CryptoPunks, Art Blocks, Bored Ape Yacht Club, and Mutant Ape Yacht Club is no easy feat. All of these collections have a high total transaction volume and keep generating high weekly volumes to boot. It is remarkable how profile picture collections remain so high-value even though other projects explore utility first and foremost. Which of the two will come out on top eventually remains to be seen.
High-Volume Collections Remain Limited
So far, there are 1,117 NFT collections capable of generating over 100 ETH in trading volume. That means over six in seven collections fail to achieve that goal. Generating over 100 ETH in volume grants a “Verified” mark on OpenSea for enhanced visibility and legitimacy. Reaching that milestone is essential for any self-respecting project, but it is challenging to achieve.
Going one step further, there are 108 NFT collections with over 5,000 ETH in transaction volume. A meager number, and jumping on these collections is nearly impossible these days without breaking the bank. Even so, they can still offer a viable investment opportunity for those not afraid of losing 100 Ether or more. It seems unlikely there will be many more 5k ETH+ collections soo, though, but anything is possible in this industry.