The Non-Fungible Token (NFT) metaverse boom is growing, as shown in the transaction volume of the popular marketplace, OpenSea.
According to Devin Finzer, the co-founder and CEO of OpenSea, the platform processed $95 million worth of NFT transactions in two days compared to the cumulative volume of $21 million recorded in the entirety of 2020.
Innovation in the cryptocurrency ecosystem is dynamic, and the advent of NFTs represents a unique application of blockchain technology. NFTs are a way to secure the ownership of digital assets on the blockchain, making them easily verifiable. The applications of NFTs is beginning to be appreciated amongst digital artists, and musicians amongst others.
Devin acknowledged that the NFT boom is insane, with his remarks being drawn from a trend that has ushered in whole new ecosystem economics. The 650x growth in the daily volumes of OpenSea has pitched it as the most formidable NFT marketplace compared to its competitors.
The two other major marketplaces, SuperRare and Rarible, according to data from DappRadar, have a daily transaction volume of $543,000 and $248,000, respectively.
The NFT boom has been adjudged unsustainable in terms of its growth trend when the skyrocketing prices of digital artworks were brought to the fore. The most expensive NFT sold thus far, Beeple’s Everyday, was auctioned for $69.3 million in Ethereum (ETH). Beyond this, other notable NFT pieces go out for thousands and millions of dollars, giving a burgeoning valuation that many fear will stump the mass adoption of the new technology.
Major tech leaders, including Jack Dorsey of Twitter and Elon Musk of Tesla, have also waded into the innovative world of NFTs. While Jack sold the first tweet for $2.5 million, Musk said he is gearing up to release his first NFT, which features a techno song.
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