In summary:The top 5 NFT marketplaces on Ethereum have surpassed a 24-hour trade volume of $1 Million Such a high trade volume was usually reached after a week of NFT trading NFTs (Non-Fungible Tokens) are gaining popularity in an era of digital ownership
As Bitcoin and Ethereum continue on their bullish climb towards $11k and $400 respectively, another industry in the name of NFTs (Non-Fungible Tokens) is gaining considerable momentum. According to the team at DappRadar, the daily volume of the top 5 NFT marketplaces on Ethereum has just surpassed $1 Million.
This milestone was shared by the team at DaapRadar via the following tweet and accompanying screenshot highlighting $1.03 million in daily NFT trade volume.The daily volume of the top 5 #NFT Marketplaces on #Ethereum surpassed $1M! @rariblecom @opensea @SuperRare_co https://t.co/LE7SN8tpi8 pic.twitter.com/JSbpHOJIjy — DappRadar (@DappRadar) October 9, 2020 $1 Million in NFT Trade Volume Was Usually Reached in a Week
To demonstrate the growth of the NFT marketplace, $1 Million in trade volume was a feat that was usually accomplished in a week. A September 2020 report by DappRadar on the state of the NFT marketplace had described $1 Million in weekly NFT trade volume as a noteworthy achievement.Last week, according to data from non-fungible.com there were 9,284 sales total and $988,728 in NFT trade volume in 7-days. The average U.S. dollar price for a single NFT according to the data is now around $106.
This means that growth in the NFT industry is accelerating at an exponential rate as seen with the same NFT $1 Million trade volume being attained in 24 hours.A New Era of Digital Ownership Using NFTs
NFTs are unique digital items that are issued on blockchains distinguishable from each other using a unique number. NFTs can be digital collectibles such as the famous CryptoKitties or virtual land on platforms such as Decentraland.
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