Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

After first quarter frenzy, NFT market shows signs of stabilising

05/04/2021 | 08:43am EDT
FILE PHOTO: Sophia the robot to auction off her AI artwork

LONDON (Reuters) - After a frenzied first quarter for non-fungible tokens (NFTs), the market for blockchain-based digital assets ranging from art and videos to songs and tweets slowed in April, platform and product data shows.

An NFT artwork fetched $69.3 million at Christie's in March, in the first ever sale by a major auction house of a piece of art that does not exist in physical form.

While anyone can view an NFT, whose ownership status is recorded on blockchain, the buyer has the status of being the official owner, a kind of digital bragging right.

A surge in interest in NFTs in 2021 is attributed to people spending more time online with cash to spare during lockdown.

Meanwhile, cryptocurrency price gains over the past few years have also created a new group of crypto-rich speculators looking for the next big thing.

But after explosive growth in February and March, NFT sales volumes generally dipped in April.

On OpenSea, a major NFT marketplace, monthly sales were $93.6 million in April, having hit almost $150 million in March, compared to $95 million in February and $8 million in January.

A year ago volumes were steady at around $1 million a month.


Graphic: NFT sales on OpenSea NFT sales on OpenSea

Sales data from NonFungible.com, a site which aggregates transactions from the Ethereum blockchain, shows weekly trading volumes in April were below March's peak, but substantially higher than pre-2021 levels.

And on Nifty Gateway, an NFT marketplace owned by Gemini, monthly sales of $60.9 million were less than half of the $144 million in March, but significantly more than in January when then totalled $8.75 million.

Gemini is owned by virtual currency entrepreneurs Cameron and Tyler Winklevoss.


Graphic: Weekly NFT sales volume

The U.S. National Basketball Association's Top Shot marketplace, which allows fans to buy and trade NFTs in the form of video highlights, also saw its explosive sales in the first quarter of the year slip in April.

But participation remains high, with 324,000 unique buyers in April, up from 30,800 in January.


Graphic: NBA Top Shot sales

Although individual "moments" fetching six-figure sums have caught headlines, Top Shot said that the average sale price in April was $65, compared to $157 in March, $182 in February and $80 in January.

Overall, sports-related NFTs saw the most sales in April, followed by games and NFTs related to online virtual worlds known as the "metaverse", NonFungible.com said.


Graphic: Number of NFT sales by category

(Reporting by Elizabeth Howcroft; Editing by Rachel Armstrong and Alexander Smith)

By Elizabeth Howcroft


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ETHEREUM (ETH/EUR) 3.15% 3379.85 Real-time Quote.444.88%
ETHEREUM - BITCOIN 1.97% 0.072216 Real-time Quote.178.42%
ETHEREUM - UNITED STATES DOLLAR 3.28% 4103.79 Real-time Quote.440.14%
Latest news "Economy & Forex"
04:26pFinancials Fall On Risk Aversion -- Financials Roundup
DJ
04:24pTESLAá : Wall St closes lower as inflation jitters spark broad sell-off
RE
04:24pINTERNATIONAL ASSOCIATION OF MACHINISTS AND AEROSPá : Machinists Union Supports Labor Standards Petition Filed Against Mexico
PU
04:23pDollar holds near 10-week low ahead of inflation report
RE
04:21pHealth Care Slips As Investors Hedge On Vaccine Profit Prospects - Health Care Roundup
DJ
04:19pCanada warns Michigan oil line shutdown could undermine U.S. ties
RE
04:18pPrivate-equity backed Atlantic Nickel hires banks to explore options - sources
RE
04:18pMaterials Climb As Spike In Copper, Steel Prices Seen Continuing - Materials Roundup
DJ
04:17pELON MUSK : 'Do you want Tesla to accept Doge?' Musk asks Twitter users
RE
04:16p'Do you want Tesla to accept Doge?' Musk asks Twitter users
RE
Latest news "Economy & Forex"