Consistent growth in NFT sales
In the weeks leading to November, data on nonfungible token (NFT) sales volume indicated a consistent upward trend. While the volume is still below its peak in 2021, industry executives are optimistic that the growth will continue.
Leap in NFT sales volume
On November 6, blockchain analytics firm Nansen reported that NFT sales volume jumped from $56 million in the week ending October 9 to $129 million in the week ending November 6.
Positive outlook for the coming months
Jonathan Perkins, co-founder of NFT marketplace SuperRare, believes that the worst is behind the NFT market and expects upward swings in the near future. He anticipates a significant upward trend over the next six months.
NFTs as a fundamental advancement
Perkins sees the recent downturn in NFTs as purely sentiment-driven. He believes that NFTs are a fundamental advancement in the internet, introducing traceable origin and ownership to digital objects. He envisions a future where NFTs play a major role in the online economy.
NFTs extend beyond art and collectibles
Sonia Shaw, partner and vice president of partnership at digital asset exchange CoinW, notes that the recent growth in NFT sales reflects a broader and more profound interest beyond art and collectibles. She sees NFTs as a pivotal tool in verifying the authenticity of unique and valuable items across various industries.
Potential use cases and challenges
Shaw highlights the potential use cases for NFTs in industries such as identity management, real estate, healthcare, finance, and supply chain logistics. However, she also emphasizes the importance of addressing challenges such as regulatory considerations, environmental impact, and security issues.
NFTs as a separate digital asset class
Oscar Franklin Tan, CFO of NFT platform Enjin, argues that NFTs have already established themselves as a unique digital asset class separate from cryptocurrencies. He points out that NFT communities like the Bored Ape Yacht Club (BAYC) and Azuki have remained strong despite the bear market.
Renewed interest in NFTs
Tan believes that as more investors enter the crypto space, they will eventually explore NFTs. He predicts that the renewed interest in Bitcoin and Ethereum will also spread to blue chip NFTs and newer collections, including gaming NFTs.
