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    The volume of NFT trading increased by over 200 percent

    Volumes of NFT being traded

    The trading volume of NFT is steadily increasing as the public becomes more aware of their existence and the metaverse as a result of a slew of celebrities and brands shifting there. According to statistics from the cryptocurrency market monitoring platform, IntoTheBlock collected on April 18, the total volume transacted in NFTs recently exceeded 18 million ETH or $54 billion in aggregate value.

    According to IntoTheBlock’s year-to-date data, global NFT trading volume climbed from $16.94 billion on January 1, 2022, to $54.58 billion on April 17, a 222.2 percent rise since the year began. On April 13, the platform posted another chart, which showed that the NFT adoption curve was “only getting started,” with only 4.5 percent of ETH addresses having a balance being NFT holders. According to IntoTheBlock data, this percentage has been steadily increasing over time, and on April 17, it was at 4.64 percent. The volume of NFT being traded is increasing every moment.

    What does NFT mean?

    A non-fungible token (NFT) is a non-transferable unit of data that may be sold and traded and is held on a blockchain, a type of digital ledger. Digital media such as photographs, videos, and audio may be connected with several types of NFT data units. NFTs differ from most fungible cryptocurrencies, such as Bitcoin, in that each token is uniquely identifiable.

    Although NFT ledgers purport to give a public certificate of authenticity or proof of ownership, the legal rights that an NFT conveys can be ambiguous. NFTs do not block the creation of NFTs with identical related files, nor do they restrict the sharing or copying of the underlying digital data. They also do not impart the copyright of the digital files.

    NFTs have been criticized for the high energy costs and carbon footprint associated with validating blockchain transactions, as well as their widespread use in art scams. A Ponzi scheme has been used to describe the NFT market.

    Loads of NFT believers

    Meanwhile, many in the crypto world, including Gate.io’s chief marketing officer (CMO) Marie Tatibouet, trust in the future of NFTs. She agreed with Kevin O’Leary of Shark Tank that non-fungible tokens might outperform Bitcoin (BTC) in terms of market capitalization during the Paris Blockchain Summit:

    “Absolutely. I believe 100 percent because the NFT market can be so many various things, and I truly believe that, for example, all art pieces will have NFTs or fractionalized NFTs linked with them in the next 10 years.”

    The two are joined in their enthusiasm for NFTs by Andy Jassy, the CEO of Amazon Inc (NASDAQ: AMZN), who has stated that while the e-commerce giant is not considering introducing crypto as a payment method, he can envision a future in which it begins selling NFTs.

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