Sales of NFT soared to $2 billion in February,setting a nine-month high

Polygon NFT sales increased by 147 percent in February of this year.

Non-fungible token (NFT) sales increased by 117 percent in February 2023. Around March, the global NFT market was valued at more than $2 billion, a nine-month high since June of last year. (roughly Rs. 17,200 crore). NFTs, or non-fungible tokens, are digital collectibles built on blockchains that serve as distinct Web3 elements in the metaverse ecosystem. NFTs can be inspired by anything, including animals, brands, music, art, or cartoon characters. They also have a monetary value that can be liquidated if necessary by reselling or trading NFTs.

Around February, Polygon NFT sales increased by 147 percent. According to data from DappRadar and a BeingCrypto report, their sales generated $35 million (roughly Rs. 300 crore).

Read Also :- Why did PM Modi receive a grey tick on Twitter, while the Adani Group received a gold tick?.

As far as registered unique wallets are concerned, the OpenSea NFT marketplace maintained its position. It recorded sales of $587 million (about Rs. 4,800 crore) in the second month of 2023.

Sales of NFTs frequently reflect the state of the cryptocurrency market. Most NFTs can only be bought with cryptocurrency. Lows in the cryptocurrency market therefore have an effect on NFT sales as well.

The cryptocurrency market also experienced a significant recovery in February of this year. By February 28, the market capitalization of cryptocurrencies had increased from its December 2022 valuation of $795 billion to $1.07 trillion (roughly Rs. 88,49,100 crore). (roughly Rs. 65,87,835 crore).

The NFT sales in the period from December 2022 to February 2023 increased by 16 percent in January after reaching a 16-month low in December.

The March drop in the crypto sector, caused by bank failures in the US and the recession, had also slightly dragged down the NFT sector. In March, approximately 5.8 million total NFTs were reportedly sold, compared to nearly 6.5 million NFTs in February.

While the overall recovery in the digital assets sector increased sales numbers for NFTs, there were other developments in the space that boosted the sector’s popularity among the general public.

For example, the term “Ordinal NFTs” gained attention after Yuga Labs made $16.50 million (roughly Rs. 135 crore) by selling its TwelveFold ordinal NFT collection at auction earlier this year. The smallest units of Bitcoin, known as Satoshis, are inscribed with a category of NFTs known as ordinals.