NFT Marketplace: $2.5bn in sales and rising

Due to the rise in popularity for NFT’s (NON-Fungible tokens) during the past year, it’s only natural that the amount of marketplaces has also risen. Last year, we saw NFT sales reach $250 million, while during the first quarter of 2021, NFTs have sold for a total of $2 billion. The market for non-fungible tokens (NFTs) surged to new highs in the second quarter, with $2.5bn in sales so far this year, marketplace data showed.  Popular NFT projects such as CryptoKitties or CryptoPunks have become popular among crypto enthusiasts, with each of them selling for several Ethereum at a piece. Total sales for a project such as CryptoPunks have exceeded the lifetime value of 1.35 billion, showcasing the amount of interest that the market has even when compared to physical art. Therefore, in this article, let’s dive deeper into the digital world of NFTs and their marketplaces and see what the NFT hype is all about. What is NFT marketplace cryptocurrency? NFT marketplaces allow you to buy and sell non-fungible tokens, digital creations stored on the blockchain, such as the Ethereum network. These online marketplaces facilitate the trade of digital collectibles items as well as digital artworks. A Digital artist sells digital art in the form of either fixed-price or timed auctions, with the transaction fees for the use of a smart contract paid by the buyer. Once purchased, the artwork is stored in your online marketpla...