According to Dune Analytics, OpenSea, the world’s largest marketplace for nonfungible tokens, or NFTs, has seen a $3.4 billion trade volume on Ethereum in August, almost 10 times that of July.
The data shows there is a lot of interest in nonfungible tokens. These are digital assets that are stored on blockchains and cannot be easily interchangeable. They could be used to represent items like artworks, video files, or virtual real estate.
As the demand for popular NFT collections grows, so too does the price of Ether and Solana, as well as other smart contracts blockchains where NFTs can be created.
The most popular NFT collection on OpenSea is CryptoPunks, which includes 10,000 distinct characters. Visa Inc. bought a cryptopunk NFT for roughly $150,000 earlier this week, according to MarketWatch. “We want to be at the table as the crypto economy evolves,” Cuy Sheffield, Visa V’s head of crypto, told MarketWatch via email.
In the past month, 202,321 ETH or about $800 million worth of CryptoPunks were traded on OpenSea.
On Thursday, Sotheby’s auctioned off 101 nonfungible tokens of Bored Ape Yacht Club. These tokens could sell for a total of $26 million so far. The auction will last until September 9th.
The floor price of the series, which is the lowest price for an item in the collection, is 500 ETH on OpenSea.
On Wednesday, PleasrDAO started selling fractional ownership of the popular “Doge” meme it bought for $4 million in June. The “Doge NFT” coin, or “DOG” coin, gained 118% over the past 24 hours, according to data provider CoinGecko.