The NFT industry is home to some very intriguing and curious metrics. Many people make good money in this segment, whereas others might be less successful. As the total transactions volume passed $10.6 billion, it will be interesting to see what happens next.
NFT Transactions Volume Milestone
In an industry as competitive as non-fungible tokens, it is essential to keep hitting milestone after milestone. That is often easier said than done, as nothing comes easy in this industry. The ongoing transaction count and transactions volume are two essential indicators. Both paint a healthy growth for NFTs, although there is still more work to do. For now, everything is heading in the right direction, though.
As of today, the NFT transactions volume has surpassed $10.6 billion. An astronomical amount for an industry that people largely ignored until about a year ago. Ever since then, there has been an influx of prominent – and shady – projects. Contrary to what some may think, non-fungible tokens are primarily speculative and collectible, whereas real-world utility is often much harder to come by.
Surpassing the $10 billion milestone is a crucial development for this new and exciting industry. Reaching these numbers is made possible thanks to some prominent NFT collections launching these past few months. But, more importantly, those collections have found a way to stay relevant for some time now, indicating the transactions volume is likely to surpass $11 billion relatively soon.
In Ether value, the industry now has a total transactions volume of over 3.734 million ETH. A substantial amount, even though Ether has seen a few price fluctuations throughout the year. Reaching the 4 million ETH mark is still possible in 2021, although it will mainly depend on which new and existing collections succeed in captivating an audience’s attention. Staying relevant is still a complex aspect in this ever-competitive industry.
The 100 ETH Volume Collection Remains Small
There are some other intriguing NFT-related metrics to take note of these days. For example, even though over 7,160 collections exist – which is quite a lot on the Ethereum blockchain – only 1,014 have succeeded in getting past 100 ETH in volume. That means less than one in seven collections has captivated an audience, even though 100 ETH in transactions volume is nothing to brag about either. It is complicated to become the next CryptoPunks in this industry without utility or mainstream appeal.
Diving further into the statistics, only a few dozen collections surpass 5,000 ETH in transactions volume. That is not entirely surprising, as that would represent nearly $20 million in overall volume. CryptoPunks leads the pack with over 548,000 ETH, followed by Art Blocks’ 282,345 ETH and Bored Ape Yacht Club’s 184,259 ETH. With just 101 collections surpassing 5K ETH in volume, it will be exciting to see which new names will get on that list in the years to come.