NFTs Perform Well Despite the Current Crypto Market TumbleJanuary 18, 2022
Despite the current market tumble, the NFT marketplace looks like a safe haven for investors. Non-fungible token (NFT) sales volume sits at the 2.94 billion mark over the last week, a 210.5% increase, according to data released by Cryptosalm.io.
The NFT Craze Continues
The global cryptocurrency market cap is $2.05 trillion, a 1.09 percent decrease over the last day. The total crypto market volume in the previous 24 hours is $69.57 billion, a 12.89 percent increase. The total volume in DeFi is currently $11.24 billion, 16.16 percent of the total crypto market 24-hour volume.
NFTs sales volume amounted to $24.9 billion in 2021. The value is much higher compared to 2019, when the volume was $94.9 million, according to DappRadar. Notably, the platform collects data from ten different blockchains to record NFT owners. From their recent data, it seems that this trend will continue.
LooksRare, supported by Polygon, saw its transactions volume grow by 100000% over the past week. Other popular NFT marketplaces, including Decentraland, saw a 21.22% growth to reach $3.48 million. Meanwhile, in just seven days, NBA Top Shot saw $13.16M, a 23.15% growth.
The top collection is from Meebit, a collection of 20,000 unique 3D characters. Its volume currently stands at $308.29M, a 15.08% increase over 24 hours. Other top collections include Loot and 8SIAN, which reported a rise of 13.66% to $21.57 million and 141.8% to $6.66M, respectively.
What 2022 has in Store for NFTs
Even though NFTs went massive in 2021, they are still quite young in the industry. Hence, 2022 will see them develop even more within the crypto subsector with both growth and maturity.
One of the biggest trends likely to pick up is the growing involvement of big institutions and brands. This move is already in motion with the likes of Electronic Arts and former employees of Activision and Lucasfilm.
Another trend might be the domination of gaming/metaverse NFTs in the world of branding and marketing. GameStop is already planning to run an NFT marketplace and potentially accept specific cryptocurrencies, a goal it’s investors rather liked. Likewise, there is talk of the ‘metaverse’ in gaming, in which major publishers and developers could theoretically team up to allow NFTs to work across multiple titles. In effect, NFTs of in-game outfits can be worn in various games.
The Crypto Market Takes a Breather
After gains in the crypto market over the past week, the market took a breather, with major cryptos trading flat. Investors are looking for a sign that the Bitcoin tank has reached an endpoint to welcome a new bull cycle.
On Monday, all other top-10 digital tokens except Solana and Polkadot traded with a positive bias during early trading. Cardano, meanwhile, climbed 12 percent to become the fifth-largest token by market capitalization. It has so far gained over 30% growth, trading at $1.54 at the time of press.
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