Peer-to-peer NFT sales surge as average purchase price increases 7X

 

The total lifetime NFT volume on the Ethereum blockchain alone has exceeded $120 million.

Non-fungible tokens and digital collectibles have been selling like hotcakes over the past couple of months as volumes on peer-to-peer marketplaces surge. From NFTs representing NBA finals moments to crypto industry character cards, the total lifetime NFT volume on the Ethereum blockchain alone has exceeded $120 million, according to crypto research firm Messari. Messari’s research tracked the demand for NFTs, which includes digital art, collectibles and in-game items, over the third quarter. It found the cumulative number of users who interacted with peer-to-peer NFT marketplace OpenSea surpassed 25,000, and that the platform saw a record $2 million in total volume in September;

NFT demand surged in Q3 as OpenSea reached new heights in both volumes and users In September, the cumulative number of users who interacted with OpenSea surpassed 25,000 with $2M in total volume pic.twitter.com/3Fjdetwznh — Messari (@MessariCrypto) October 20, 2020.


Some of the most popular items on the marketplace include cards featuring popular crypto industry insiders such as Uniswap’s Hayden Adams and Ethereum founder Vitalik Buterin. The average NFT purchase price has also significantly increased over the third quarter reaching an average of $161, which is the highest since the early days of CryptoKitties in 2017 and seven times the historical average. Messari stated:

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“Average spending on NFTs has beaten the historical average of $23 for 150 consecutive days.””

 

The research noted that digital art marketplace Rarible had launched its own liquidity mining incentives in the third quarter which caused volumes to surge to more than $10 million as traders bought and sold NFTs to earn RARI tokens.

Our NBA Finals Legendary Packs are sold out. But the #NBATopShot marketplace is Only 7️⃣9️⃣ of each Legendary Moment will ever be minted. Own a unique part of NBA history with these Moments from the 2020 #NBAFinals Shop now: https://t.co/98CqyPM7cF pic.twitter.com/pyzspciC4V — NBA Top Shot (@nba_topshot) October 20, 2020

Non-fungible token maker, Dapper Labs, has also had a highly successful week with its NBA Top Shot collectibles which have been selling out within minutes. The most recent set called "The Finals" included nine rare moments from the 2020 NBA finals which culminated with a Los Angeles Lakers win. The sets of digitally verified rare collectibles, including trading cards and digital clips, sold for $230 per pack. When launched, The Finals sold $163,530 worth of NFTs in roughly two mins and the top buyers spent over $5,000 each on NFTs, according to cryptoslam.io. A recent blog post noted that almost 8,600 NBA collectibles have been sold P2P for a combined sum of around $330,000 over the last two weeks. NBA Top Shot, launched in full earlier this month after clocking over $2 million in revenue in private beta.

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BlockShow returns as partner to Singapore central bank’s fintech event

 

BlockShow has partnered with the Monetary Authority of Singapore to curate blockchain discussions for its five-day fintech conference.

BlockShow, one of the largest blockchain events in the blockchain and crypto industry, will curate discussions around blockchain and cryptocurrency for a five-day online event hosted by the Monetary Authority of Singapore. The event runs from Dec. 7–12 and the attendees will have 24-hour online access to the conferences. As a “Knowledge Partner” of the Singapore FinTech Festival (SFF) 2020, BlockShow will bring some of the best blockchain leaders to discuss blockchain technology and cryptocurrency. The discussions spanning blockchain and crypto are expected to expose the global fintech community to this new technological landscape. And it will potentially spark further innovation and adoption of the technology across the fintech industry. The 2019 Singapore FinTech Festival was a great success with almost 60,000 attendees from 140 countries consisting of government officials, banks, corporates, startups and investors. In July, BlockShow also organized an online blockchain and cryptocurrency conference called Unitize that attracted more than 10,000 attendees. Several of the top industry leaders including the likes of Binance CEO Changpeng Zhao, Ethereum co-founder Vitalik Buterin and the former United States CFTC chairman Chris Giancarlo were a part of the speaker line-up. While Unitize was primarily focused on blockchain and cryptocurrency innovation, MAS’s FinTech Festival covers financial technology on a broader scale. By bringing blockchain and crypto discussions to mainstream FinTech forums, BlockShow will significantly promote blockchain technology as well as cryptocurrencies. The Singapore central bank and the government has been a frontrunner in blockchain innovation, and the collaboration with BlockShow only adds to their efforts to forward the adoption of blockchain technology. MAS chief fintech officer Sopnendu Mohanty said that combining forces with BlockShow for the blockchain and crypto segment of the event will help bring a strong line-up of industry leaders. He said that the insights from the discussions “will foster further collaboration on the use of blockchain, to support business objectives and pandemic recovery into 2021.”