Entire NFT market on Ethereum worth more than $14,27 billion
The entire NFT market cap on the Ethereum blockchain is worth more than $14,27 billion, and therefore outperforms for example cryptocurrencies like Bitcoin Cash and Litecoin. At the current market rate, NFTs would be in the 12th spot just below Uniswap.
Data from DappRadar shows that CryptoPunks and Bored Ape Yacht Club performed very well, with a $5,1 billion and $1,8 billion market caps respectively. Other collections like Meebits, Hashmasks, Autoglyphs, and NBA Top Shot also add hundreds of millions to the market cap. Litecoin has a market cap of $11,6 billion, while Bitcoin Cash has a little more with $12,1 billion.
DappRadar calculated the NFT market cap based on machine learning and floor price analysis. In this case DappRadar only looked at the Ethereum blockchain, while adding NBA Top Shot. Even though the NFT market cap on Ethereum is the biggest, the data misses key collections on alternative chains. Take for example Alien Worlds on the Wax blockchain, or the entire Binance Smart Chain and Polygon ecosystem altogether.
August has been a tremendous month for the NFT market. For example, the leading NFT marketplace OpenSea has seen more than $3 billion in trading volume. At the same time companies like VISA, the Coca-Cola Company and Asics announced their move into this space. These brands generate more hype and mainstream media attention for a technology that’s disrupting media, entertainment and other fields.
On Thursday DappRadar will publish the Dapp Industry Report for August 2021. Stay tuned for more insightful data and analysis.