NFTs had their best month ever in February, according to a report by DApp statistics trackers at DappRadar. The sales volume of the top three platforms grew to $ 342 million in February, almost 400% more than the $ 71 million recorded the previous month.
Sports memorabilia platform NBA Top Shot dominated the sector and is now responsible for 67% of the total NFT transaction volume. The other NFT DApps in the top three are OpenSea, a general market for crypto collectibles, and CryptoPunks, a series of collectibles based on Ethereum. CryptoPunks generated high sales of $ 79 million, and the floor price of punks rose from $ 10,000 to an average of $ 32,000.
Keep up to date with the latest trends in the industry.
Check out our Dapp Industry Report of February ’21 to find out how different #blockchains and individual projects took place⬇️@ethereum @BinanceChain @Tronfoundation @stream_blocking @WAX_io @ 0xVeelhoek https://t.co/8hxA1ATs0u
– DappRadar (@DappRadar) March 2, 2021
The high gas fees on the Ethereum network caused several Defi and NFT projects to move off the platform in February, in favor of those with cheaper deals. Binance Chain recently surpassed Ethereum in terms of transaction volume and unique active stock market count, and the report notes the rapid growth of several copycat NFT projects on Binance Chain, such as Binance Punks and Bashmarks.
5) Move the NFT platform to the Binance chain to avoid high gas fees
– Matthew ₿lack [340-342➞] (@matthewjablack) 28 February 2021
Despite high gas fees, statistics from CryptoSlam show that seven of the top ten best-selling NFT products were still offered on Ethereum last month. NBA Top Shot uses the Flow blockchain and the remaining two are offered on WAX.
The fastest rising brand among the top 10 is CryptoKitties, which experienced an increase in popularity as sales rose by more than 1,300% month-on-month. The latest entrant to CryptoSlam’s top 10 sales list is Capcom’s Street Fighter II series, which is currently # 8, 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 is 80% of all NFT sales in the last nine months *.
sign up for @water_and_musicis free to get more NFT statistics (and other music / technology analysis) tomorrow: https://t.co/7xtKUkBoZO
– Cherie Hu (@ cheriehu42) 28 February 2021
NFTs received so much attention in the first six weeks of the year that CoinMarketCap added a dedicated section for the sect on February 15th.
A record price for a single NFT sale was set on February 26 when a Beeple Crossroads NFT sold for $ 6.6 million, more than 100 times its original price.
A new NFT sales record was set on March 2 when electronic music artist 3LAU sold $ 11.6 million to NFTs from its own website in one night. Just hours earlier, musician Grimes completed $ 5.8 million in NFT sales in 20 minutes.
Not everyone is impressed by the rapid rise of NFTs. On March 2, Litecoin creator Charlie Lee compared the increase in NFT popularity to the ICO craze that took place during much of 2017. He believes that their relative simplicity and low barrier to entry will encourage the general acceptance of cryptocurrency, but eventually there will be some (NFTs) that will hold and have value. ”