The NFT Mania Rages on As Sales Surge in Q3 By DailyCoin

• 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 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, 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.”

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