• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: BREAKING: Ripple Scores Yet Another Win As Judge Torres Rejects SEC's Appeal Attempt
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Ripple Scores Yet Another Win As Judge Torres Rejects SEC's Appeal Attempt
Ethereum

The Craze For Ethereum NFTs Is NOT Slowing Down

Julia Arvelaiz by Julia Arvelaiz
2 years ago
in NFT
0

NFTs based on Ethereum were right in the spotlight of 2021’s biggest sales and grabbed the attention of many industries that are now diving into the world of smart contracts to find large profits. Last year, Ethereum smart contracts linked to NFT marketplaces and collections saw an influx of around $20 billion, and the pace has not slowed down in 2022.

Non-fungible tokens give proof of the ownership of many unique digital items like art pieces, collectible cards, avatars’ clothes inside videogames, and more. The process of creating these certified tokens is called “minting”, which essentially uses the blockchain to turn a digital file into a digital asset.

Similarly, smart contracts are what powers NFTs. Simply put, they are the code and data behind the transferability and proof of ownership.

Currently, the Ethereum blockchain hosts some of the largest NFT marketplaces like OpenSea, Rarible, and Mintable.

Related Reading | US Congress Candidates Turn To NFTs For Election Financing

How Big Can NFTs Get This Year

Some analysts and experts had claimed that non-fungible tokens would need to show a functional side this year in order for the market to not lose its popularity. This approach has just started to be taken by many platforms racing to offer NFT-backed loans. The Ethereum website explains this service like so:

There are DeFi applications that let you borrow money by using collateral. For example you collateralise 10 ETH so you can borrow 5000 DAI (a stablecoin). This guarantees that the lender gets paid back – if the borrower doesn’t pay back the DAI, the collateral is sent to the lender.

However, without seeing much growth on the functional side of NFTs yet, the market is doing more than well.

A recent report by Arcane Research shows that OpenSea still sits on the throne of all NFT marketplaces by a large margin.

In 2022 alone, the NFT activity of OpenSea has traded around $2 billion worth of Ethereum. January 9th became the third most profitable trading day for the NFT marketplace so far, having recorded ETH worth over $261 million.

The two best trading days to date remain August 29th, 2021, with $323 million, and August 30th, 2021, with $267.5 million. In all 2021, the total NFTs sales volume reached $24.9 billion.

The following chart shows this month’s surge in the ethereum NFT marketplaces competing with August 2021 for the best trading month to date title:

Ethereum
Source: Arcane Research

The Arcane report suggests that the mania of the Yuga Labs projects Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) is behind this surge. BAYC just added $50 million in seven-day trading volume and MAYC added $50 million.

Furthermore, last week The Doodles and PhantaBear collection also saw a dramatic rise of 108% and 450%, adding over $56 million and $50 million respectively.

Related Reading | Trading Volumes For OpenSea NFT Skyrockets As Bored Ape Yacht Club Receives Traction

Ethereum
Ethereum price at $3,231.92 in the daily chart | Source: ETHUSD on TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Julia Arvelaiz

Julia Arvelaiz

Related Posts

Google NFT games

Google To Update Crypto Advertising Policy, These NFT Games Are Big Winners

4 weeks ago
NFTs

US SEC Goes After NFTs In A First Of Its Kind Enforcement Action

1 month ago
NFTs

NFTs In Legal Crossroads: SEC Lawsuit Questions Securities Status

1 month ago
Donald Trump

Donald Trump NFTs See Spike In Trading Activity Following An ‘Eventful’ Week

1 month ago
NFT BAYC Punks MAYC OpenSea Binance

CryptoPunks, Otherdeed, Meebits Are The Real NFT Diamond Holders in 2023

1 month ago
OpenSea NFT

Judge Sends OpenSea Employee To Prison For NFT Insider Trading

1 month ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • PayPal’s Stablecoin Boosts Crypto Credibility; Ripple...

    7 hours ago
  • Sportsbet.io Secures New Influencers for Ongoing Campaign

    11 hours ago
  • New Crypto Gem Ready To Upheave The Ethereum Staking...

    14 hours ago
  • 1B XRP Unlocked: Ripple (XRP) has more chances to grow than...

    16 hours ago
  • Solana (SOL) and Cardano (ADA) New Price Targets –...

    18 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.