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$1 million in NFT sales last week: What’s happening?

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DappRadar

The introduction of wrapped NFT assets are driving record sales

UPDATED: 16.09.20

While attention in the blockchain and crypto space still lays firmly on the exploding DeFi sector another revolution is bubbling in the NFT space.

Not sure what NFTs are? Get up to speed

Last week, according to data from non-fungible.com there were 9,284 sales total and $988,728 in NFT trade volume in 7-days. The average U.S. dollar price for a single NFT according to the data is now around $106.

Three main collectibles dapps are driving this explosion right now: Sorare, CryptoPunks, and Superrare having accounted for over half the 7-day volume observed or over $515,000 at the time of writing.

Rising NFT stars

The fantasy soccer game Sorare allows players to collect “limited edition digital collectibles” while also managing a team. The dapp has seen over $230,000 in sales this week.

Cryptopunks, a project we reported on last week has “10,000 unique collectible characters with proof of ownership stored on the Ethereum blockchain,” saw over $200,000 in volume last week. Then finally the digital artworks marketplace Superrare sold over $85,000 worth of NFT collectible art in the last seven days.

Sorare review with Jon Jordan

Superrare has so far sold digital artwork in over 150 countries. To-date artists have earned $1.8 million and there’s been over $565,000 earned by collectors. A lot of the sales over the last 7-days have occurred from Foam Signal, Decentraland, Makersplace, Axie Infinity, The Sandbox, Cryptokitties, and the Ethereum Name Service as well.

Another high profile collaboration in 2020. The iconic Topps playing cards joined forces with the WAX blockchain to release the Garbage Pail Kids collectible card packs.

When we reported on the activity in May 2020 GPK. Market had seen $205,000-worth of trading activity, while SimpleMarket a secondary selling site has seen over $81,000-worth, the vast majority of this value was due to GPK trading. 

As if that wasn’t enough, according to a tweet posted on the 14th September 2020 by Larva Labs on Twitter. Over 1,100 Cryptopunks have been sold in the past week, a huge spike, and the biggest ever in regards to volume.

But the reason for the activity has now become more apparent.

Wrapped CryptoPunks

What seems to have triggered this latest wave of activity is the “Wrapped Cryptopunks” contract by @arkgalleryDAO which allows owners to officially list their punks on markets like Opensea and Rarible.com for the first time.

On the LarvaLabs site, you can see the CryptoPunks shown as owned by the wrapper contract. These wrapped punks have done at least 280k of volume in the past week on markets other than the original contract.

In the tail of the Twitter thread, LarvaLabs explain why some may see this as a risky move but ultimately why it’s a great example of true decentralization as all of this occurred without CryptoPunks creators lifting a finger.

The next big thing

Overall, the non-fungible token (NFT) ecosystem continues to grow in 2020 and has shown that it is becoming far more versatile and usable. Increased attention and media hype has also raised awareness of digital solutions on offer to digital artists and creators.

Users are beginning to realize that NFTs can represent nearly anything in the virtual world and, that NFTs can also represent items in the real-world with concepts like event tickets and shared property ownership.

Furthermore, innovators are creating a whole new NFT ecosystem that includes collectibles, rare art pieces, tradable in-game items, and virtual worlds.

The non-fungible token economy’s growth shows no signs of slowing any time soon. We will be keeping a close eye on the dapps mentioned above and will continue to report on NFT ecosystem developments.

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