NFT Market Hits $10B in Secondary Sales | Ethereum Takes Largest Layer-2 and Blockchain Chunk with $6B in Secondary NFT Sales

By October 6, 2021NFT
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NFT Market Hits $10B in Secondary Sales | Ethereum Takes Largest Layer-2 and Blockchain Chunk with $6B in Secondary NFT Sales
(Photo : Image from Unsplash Website) NFT Market Hits $10B in Secondary Sales | Ethereum Takes Largest Layer-2 and Blockchain Chunk with $6B in Secondary NFT Sales

The NFT market has officially surpassed the $10 billion mark in secondary sales, which combines a number of categories like NFT gaming, sports, PFPs (profile pics), and collectibles. Ethereum is now still leading all blockchains as well as Layer-2s with over $6 billion when it comes to secondary NFT sales.

NFT Peaks 2021

According to a research analyst at MessariCrypto and previously for ConsenSys, Mason Nystrom, up to date, the NFT market has had quite a lot of peaks. These peaks include the following:

  • Feb 2021 - NBA Top Shot and NFT art

  • April to May 2021 - PFPs

  • Aug 2021 - PFPs, Axies, and Loot

The next big thing is yet to come, and scores are yet to be tallied for September.

Ethereum NFT Market Dominance

Ethereum's very own NFT market dominance was able to reach an all-time low in February 2021 when Flow's very own NBA Top Shot encapsulated a larger fraction of the market. Just recently, despite the high fees, Ethereum has still been able to regain its NFT dominance.

Over the course of the last 12 months, the whole NFT landscape was able to evolve from just a small ecosystem with only a few hundred million in sales volume to its current state of being a multichain ecosystem that is reportedly worth tens of billions of dollars. Mason Nystrom shared a more detailed post on GetRevenue.

NFT Multichain Future

It was noted that the NFT multichain future is now rapidly approaching with three Layer-1 blockchains possessing secondary volumes over $100 million as Ethereum leads all blockchains and Layer-2s with over $6 billion when it comes to secondary NFT sales. It was noted that the next closest is Axie Infinity's very own Ronin sidechain that has over $2 billion in sales, which is followed by Flow with over $700 million when it comes to volume.

It was noted that secondary sales, or sales made between individuals and not from the platform towards individuals, are a great representation of the total health of the whole NFT market since it reportedly displays the appetite for demand. It was noted that the total NFT sales that stem across all blockchains, which include Solana and Tezos, are already including primary sales, fractional sales, and even platforms like OpenSea, likely falling in the massive $20-30 billion range or potentially higher.

Read Also: Compound Founder Threatens to Report to the IRS an Account that Mistakenly Received $20 Million if Money is not Returned

NFT Projects

While the whole NFT market has actually fallen ever since its August high, volumes are continually remaining strong as both users and spectators are flocking towards new NFT projects. With new blockchain smart contrats becoming more and more accessible, like with Cardano, there is still a lot of room in the NFT space for users that are just getting into the whole blockchain realm.

With the top 10 cryptocurrencies showing bullish trends over the last 24 hours, traders and investors are yet to see whether the said "market crash" mentioned by Robert Kiyosaki, author of Rich Dad Poor Dad is set to happen for real.

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Written by Urian B.

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