NFT Market Finds New Life as Digital Art Collectibles Draw Investor Interest – Bywire Blockchain News


LONDON (Bywire News) – It’s alive! After reports of its demise, the Non-Fungible Token (NFT) market is twitching back to life. According to CryptoSlam, a market tracker, total NFT sales on the Ethereum blockchain – which hosts most trading – jumped to $780.2 million in January from $546.9 million in the previous month.

Digital art collectibles were among the biggest hits. For example, ‘Bored Ape Yacht Club #5840’ – a cartoon monkey shooting green lasers from its eyes – went for an eye-watering $822,730, while ‘CryptoPunks #7674’ – a pixelated character smoking a pipe – fetched $433,555. The average NFT sale price was a more modest $372.38.

Although the $780 million of sales seen last month is a fraction of the $5 billion seen in January 2021 and the $2.7 billion in May of the same year, the market has been slowly edging back since November after hitting a low of $324 million the previous month. Some traders are betting on a future for NFTs in gaming and branding.

“We will see another 2021-style run when we are able to really bring on board the next big wave of…

Read more…