The NFT market takes off with 115% month-on-month growth
- The non-fungible token (NFT) market is experiencing strong volume growth, up 115% since last month.
- This follows record sales of NFT, such as Beeple’s nearly $800,000 collector’s item.
- NFTs are unique and non-interchangeable tokens.
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According to a recent tweet from Dapp.com, a website focused solely on decentralized applications, the NFT market is booming.
Bitcoin is not the only digital asset in the spotlight. While Bitcoin Pro the price is over $20,000, the NFT is also showing impressive growth.
NFTs or non-fungible tokens reached a 30-day volume of $10.15 million, a 115% growth over the previous month.
Some people even pay hundreds of thousands of dollars for a #Crypto kitten.
What are the 10 most expensive NFTs? How much do they cost?
Various factors could have led to this sharp increase in growth. For example, last week, an art collection by the renowned digital graphic designer Beeple broke all previous price records when it sold for nearly $800,000.
Referring to the Dapp.com article, the previous record holder was the „genesis“ cat from the original NFT game, CryptoKitties.
The token of a blockchain-based game is the first non-fungible token created on the platform, which is significant for some.
What are NFTs?
Non-fungible tokens are cryptos tokens that are a rarity and therefore cannot be exchanged with other cryptomoney such as BTC or ETH.
If you have 1 BTC or 1 ETH, it doesn’t matter which unit you own. They are interchangeable. This is not the case with NFTs because they are varied. They can represent anything from art, real estate, digital collectibles, gaming items, insurance claims, etc.
Most NFTs are built on Ethereum using the ERC-721 token standard, which allows the creation of unique tokens. As more and more use cases and users become involved in decentralised applications, this area could grow rapidly.