NFT Marketplace Volume Up Sharply in Q3: Report

Total sales in the 3rd quarter represent an increase of 704%, with most sales in August and September

Revenue in the non-fungible token (NFT) market rose to a peak of $10.7 billion last quarter, data from DappRadar shows.

A report published by the NFT tracking website shows that there was a 704% increase in NFT sales in the third quarter of 2021, eclipsing the volume of the previous two quarters.

The data shows that sales reached more than $ 10.7 billion in the last quarter, up from $ 1.3 billion in the second quarter. Compared to the first quarter, the NFT market recorded growth of over $9 billion, with only just over $1.2 billion generated in the first quarter.

According to DappRadar, Ethereum-based offerings had the highest volume at 78%, while ronin accounted for about 20% of the volume.

DappRadar’s on-chain and off-chain data shows that the total volume for 2021 was $13.2 billion in October. Most of the NFT volume was recorded in August and September, when interest in cryptocurrencies again increased sharply.

Overall, year-over-year growth is an incredible 38,060%, according to DappRadar in the report.

Axie Infinity explodes

The jump in sales led OpenSea to record a gigantic $3.4 billion in sales in August, accounting for nearly a third of the entire NFT market. Overall, OpenSea leads with $7.96 billion in revenue this year, with Axie Infinity recording the second highest volume with $2.35 billion. CryptoPunks has the third highest volume with 1,43 billion dollars.

Axie Infinity recorded the largest growth among “play-to-earn” NFTs, with $776 million earned in the third quarter, according to DappRadar data.

Most NFT sales range from $101 to $1,000

The data of NonFungible.com show that most sales in the last quarter were worth $101 to $1,000, accounting for almost 63% of the total quarterly volume.

The $1,001 to $10,000 range, on the other hand, accounted for about 20% of quarterly revenue, while the NFTs with a value below $100 accounted for about 17%.

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