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NFT defies expectancy, continues to stay relevant with $2.4 billion in sales

It hasn’t been a good time for Bitcoin and cryptocurrency in general. A New Jersey-based crypto services firm BlockFi was ordered to stop offering interest-bearing accounts, causing Bitcoin to drop below US$30,000. China has been cracking down on cryptocurrency miners in the country. In Malaysia, police steamrolled over a thousand bitcoin mining machines that were stealing electricity from their national grid. 

But it’s not all bad news for cryptocurrency. In the art world, NFT has defied some of its critics’ expectations. While no single sale of NFT ever exceeded Beeple’s history-making NFT, the sales of NFT remain relatively steady, even with the steep dive that Bitcoin took.

According to DappRadar, which tracks blockchain sales, the second quarter of 2021 saw a slight increase from the first quarter, going from $2.3 billion to $2.4 billion. To compare, the price of Bitcoin reached its peak in April, at around $63,500. By mid-July, the price dropped by more than half. This drop also affected other cryptocurrencies available. 

Collections like CryptoPunks have continued selling for around $300,000 a piece. Some Punks, the name for each individual NFT, can even sell in the millions. The NFT marketplace OpenSea is valued at $1.5 billion and saw $160 million worth of sales in June 2021. If the first half of this year says anything, it’s that NFTs aren’t slowing down.

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