NonFungible Token sales top $2 billion in first-quarter

According to a report from NonFungible.com, the sales of the NonFungible Token increased more than $2 billion in the first quarter which is more than 20 times the volume of the previous quarter. There were $93 million in transactions in the fourth quarter of 2020.

Its first-quarter total does not include sales of the National Basketball Association’s Top Shots which highlights that are being turned into NonFungible Token and traded. Those trade on the Flow platform and racked up sales of $472 million in the first quarter. That does not include the $69 million NonFungible Token sold by Beeple at Christie’s in March, since it was traded through a partnership with Nifty Gateway.

Recent data showed a big drop in average prices from February, sales of NonFungible Token at the beginning of the year showed an explosion of interest and buying. NonFungible.com said there were more than twice as many buyers than sellers in the first quarter, with 73,000 buyers for 33,000 sellers. The imbalance, according to the company, is a signal of massive interest in newcomers, but also of the desire of current owners to keep their assets, which created a scarcity in the market.

Nearly 150,000 active wallets in the first quarter which is more than 1.5 times the number from a year ago. The website said that the industry is dominated by the art and collectables segments, and specific, projects such as CryptoPunks and SuperRare.NonFungible.com said the average price of NonFungible Token increased during the quarter, with a work of art on SuperRare selling for an average of $1,231 in the fourth quarter, and $6,585 in the first quarter on the secondary market.