The NFTs had their best month in February, according to a report by DappRadar’s DApp statistics trackers. The sales volume of the three main platforms grew to US $ 342 million in February, an increase of almost 400% in relation to the US $ 71 million registered in the previous month.
The NBA Top Shot sports memorabilia platform has dominated the industry and is now responsible for 67% of the total volume of NFT transactions. The other NFT DApps among the top three are OpenSea, a general market for cryptographic collectibles and CryptoPunks, a series of collectibles based on Ethereum. CryptoPunks generated a record sales of $ 79 million, with the minimum price for punks rising from $ 10,000 to an average of $ 32,000.
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Check out our February 21 Dapp Industry Report to find out how different #blockchains and individual projects were executed⬇️@ethereum @BinanceChain @Tronfoundation @flow_blockchain @WAX_io @ 0xPolygon https://t.co/8hxA1ATs0u
– DappRadar (@DappRadar) March 2, 2021
High gas rates on the Ethereum network caused several DeFi and NFT projects to leave the platform in February, in favor of those with less costly transactions. Binance Chain recently overtook Ethereum in terms of transaction volume and exclusive active portfolio count, and the report noted the rapid growth of several impersonating NFT projects on the Binance Chain, such as Binance Punks and Bashmarks.
5) Move the NFT platform to the Binance chain to avoid high gas rates
– Matthew ₿lack [340-342➞] (@matthewjablack) February 28, 2021
Despite high gas rates, CryptoSlam statistics show that seven of last month’s 10 best-selling NFT products are still hosted on Ethereum. NBA Top Shot uses the Flow blockchain and the remaining two are hosted on WAX.
The fastest growing brand in the top 10 is CryptoKitties, which has seen a resurgence in popularity with monthly sales rising above 1,300%. The newest entrant to enter the list of CryptoSlam’s top 10 sellers is Capcom’s Street Fighter II series, which is currently in 8th place, with $ 1.26 million in sales since its launch on February 16.
Just this weekend, @ 3LAU, @Grimezsz & Ozuna generated $ 18.2 million in NFT sales.
This represents 80% of all NFT music sales in the * last nine months *.
subscribe to @water_and_musicfor more music NFT statistics (and other music / technology reviews) tomorrow: https://t.co/7xtKUkBoZO
– Cherie Hu (@ cheriehu42) February 28, 2021
The NFTs attracted so much attention in the first six weeks of the year that CoinMarketCap added a section dedicated to the sect on February 15.
A record price for a single NFT sale was set on February 26, when a Beeple Crossroads NFT was sold for $ 6.6 million, more than 100 times its original price.
On March 2, a new NFT sales record was set when electronic music artist 3LAU sold $ 11.6 million in NFTs from his own website in a single night. Just hours earlier, musician Grimes completed $ 5.8 million in NFT sales in 20 minutes.
Not everyone is impressed by the rapid increase in NFTs. On March 2, Litecoin creator Charlie Lee compared the rise in popularity of NFT to the ICO craze that occurred during much of 2017. He believes that its relative simplicity and low entry barrier will encourage widespread adoption of cryptocurrency, but in the ultimately “few (NFTs) will maintain and have value. “