The Non-Fungible Tokens (NFTs) have been in high demand, and the statistics for the third quarter show that the primary indicators have continued to rise.
The Rise of Non-Fungible Tokens (NFTs) in Q3
The Non-Fungible Tokens (NFTs) market actions in the third quarter of 2021 eclipsed previous quarterly figures in the last few months of the year.
Researchers from the nonfungible.com web portal published a study for the third quarter of 2021, and the results suggest that most indicators are increasing. From 203,719 active wallets in the second quarter to 412,578 active wallets in the third quarter, the number of active wallets, or wallets that interacted with the non-fungible tokens smart contract, increased by 102.52 percent.
The number of NFT buyers increased by 166.73 percent from 97,658 in the second quarter to 260,489 in the third.The number of sellers increased by 206.84 percent in the previous quarter, from 40,056 to 122,910.In the second quarter, the volume of US dollars traded for NFTs was $782 million, but in the third quarter, it jumped to $5.9 billion.
According to nonfungible.com’s third-quarter report,
“During the all-time high of US dollar trading volume at the end of August, we saw another all-time high in terms of active portfolios.”
“Weekly trading volume, which was already nearly $91 million in a week, has increased to $1.674 billion in two months.”nonfungible.com
“The NFT market is swiftly and exponentially growing,” According to the Third Quarter Report.
Cryptopunks and Bored Ape Yacht Club (BAYC) are two of NFT’s most popular collector ventures. The major market share of collectible NFTs “more than doubled, representing 75 percent of the whole collectibles industry,” according to the study’s authors. “This extremely high rate reflects the segment’s relative saturation: too many assets were released with insufficient resale value or at lower prices.”
According to the researcher’s findings, the market is growing at a “exponential rate.” According to the Q3 NFT study, liquidity is at an all-time high, but the market is also “more speculative and volatile than ever before.” “The recent rise in the NFT business has been almost astonishing; in just a few months, the billion dollar threshold in NFTs in circulation was crossed, followed by a billion dollars per quarter, and finally, billions per month.”