As two of the top cryptocurrencies out there, Ethereum and Bitcoin, continue climbing in a bull run towards $400 and $11,000, respectively, another industry altogether is gaining new ground, as well. The Non-Fungible Token (NFT) markets have, according to DappRader, managed to gain more than $1 million in daily trading volumes when one focuses on the top 5 NFT marketplaces of Ethereum.
Going From $1M A Week To $1M a Day
DappRadar’s team had shared this milestone by way of a tweet, with a screenshot showing that the top 5 NFT marketplaces within Ethereum managed to make a collective daily trade volume of $1.03 million.
— DappRadar (@DappRadar) October 9, 2020
To put things into perspective, there was a time within the NFT marketplace where $1 million trade volume per week was a feat in and of itself. In the September 2020 report made by DappRadar, just last month, the NFT markets had been highlighted to have a volume of more than $1 million a week, which was a noteworthy achievement at the time.
An Exponentially Growing Industry
This makes it clear that the NFT industry as a whole has entered into a stage of exponential growth rates, as just a month later, the industry is managing to attain the same trade volumes in 24 hours that it had once gained in an entire week.
As for what NFTs really are, they are unique digital items issued within a blockchain. These items can be distinguished from one another, thanks to the use of a unique number for each token. One of the more popular forms of NFTs is by way of digital collectibles, such as the famous crypto game CryptoKitties. Another use case stands as virtual land, such as those offered on the Decentraland platform and those like it.
Predicted Growth To Continue
Another popular use case is art, being developed, and sold in the form of NFTs. The Winklevoss twins, founders of the Gemini exchange, have openly supported NFTs. Tyler Winklevoss had even gone as far as to advise NFT enthusiasts to use NiftyGateway, though he’s unofficially obligated to, since it’s part of the Gemini business group.
— Tyler Winklevoss (@tylerwinklevoss) October 5, 2020
Through a recent report regarding NFTs, the DappRadar team had concluded that the industry of digital ownership would see continuous growth in popularity and overall evolution. This is especially so, DappRadar said, due to the COVID-19 pandemic and the social distancing mandate it brought with it.
In its statement, DappRadar highlighted how exciting the introduction of digital ownership is by way of NFTs. Soon, real digital ownership will be an everyday thing, the firm speculated, with the world at large pivoting to a life focused more on its digital aspects.