Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

The NFT Mania Rages on As Sales Surge in Q3

CryptocurrencyOct 16, 2021 01:30AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
The NFT Mania Rages on As Sales Surge in Q3

  • The NFT space recorded a record-breaking $10.37 billion in sales in Q3.
  • NFT purchases on the OpenSea marketplace reached a total of 3.8 million sales in Q3.
  • Collectibles are gaining more mass recognition, with CryptoPunks, BAYC, and CyberKongs leading the charge.
Blockchain epochs are characterized by financially yielding and industry-disrupting events. Between 2020 and 2021, industry trends converged between DeFi and NFTs, with the latter gaining additional attention because it extends a demanded requisite in the digital space. The NFT frenzy spiraled into what could be described as the “NFT Autumn” as sales volumes for NFTs surged to $10.7 billion.

NFTs Are Hot Topics

The NFT registered a 706% increase in value since Q3 as demand for NFTs across multiple platforms reached a total of $10.67 billion in sales. What’s also striking is that the Ethereum and Ronin blockchains capitalized on the market boom, accounting for 77.38%, and 19.53% respectively of the total amounts sold during Q3.

With demand for Ethereum NFTs peaking, so have gas prices, as users sought to achieve faster transactions in a short period of time, which has fed into an Ethereum gas war, where GWEI prices could reach 3000 in a short interval.

In Q3, single item sales did not exceed Beeple’s $69.9 million purchase; however, Reuters indicates that collectibles accounted for most of the network’s sales in September. As DappRadar suggests, collectibles such as CryptoPunks, NBA TopShot, and Bored Ape Yacht Club are among the top Q3 market cap contributors.

With NFT focus diverting from art and more towards collectibles, a speculative bubble is forming around the NFT space. NFT Nick, an NFT collector and host of The Nifty Alpha, told Dailycoin in a direct message that “the speculative boom we are currently experiencing will inevitably have many losers,” indicating that people will get “burned” in the short term. Moreover, NFT Nick notes that NFTs, aside from the “fun” speculative investing aspect they offer, will bring “transformation, unlike nothing we’ve seen before.”

On The Flipside

  • An OpenSea employee was accused of insider trading, which forced the company to revise their policy.
  • NFT collectibles can hinder maker perception if they cause financial fallout.
  • Tokenization of NFTs is considered a highly speculative method for NFT creators to increase their revenue.

Multiple Casualties

The market’s focus has turned towards blue-chip NFT collectibles such as CryptoPunks or BAYC; gaming NFTs are reaching new audiences. According to the same DappRadar report mentioned above, Axie Infinity registered a total of $2 billion in trading volume in September, noting that their move to the Ronin sidechain helped the game generate “$776 million in revenues.”

Notable personalities, including Snoop Dogg, Shaquille O’Neal, and Steve Aoki, join exclusive communities and showcase their status, or “flex” through their profile pictures. As a result, showing support for NFTs in the form of Twitter (NYSE:TWTR) avatars has given the NFT market positive reinforcement.

NFT collector and trader TappySF told DailyCoin in a private message that volumes in the NFT space can be double-sided. He believes that NFT growth is done in phases, noting a floor drop and the lack of sales during 2 weeks in September. Venture capital interest is beneficial for the NFT sector; however, TappySF suggests that such capital influx could lead to a drop in transaction volume.

DappRadar notes that a new form of utility is spearheading NFT growth, elaborating that the fact that NFT ownership adds additional perks, including passive income or “additional NFT drops,” to incentivize supporting a project.

In contrast, creative ways to incentivize holders can lead to legal issues, where a token’s value can be deemed a security. For example, in October, an NFT titled DAO_Turtles was banned from OpenSea, after amassing over $2 million in sales, for breaching OpenSea’s terms and conditions.

Why You Should Care?

NFTs are converging into a mix of value and speculation, and young investors are susceptible to falling for pump and dumps, in different packaging. Not all NFTs will hold the same value as time goes by, and it is worth examining the value of each NFT individually.


Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7] You can always unsubscribe with just 1 click.

Continue reading on DailyCoin

The NFT Mania Rages on As Sales Surge in Q3

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email