NFT market surpasses $10B in secondary sales; Ethereum [ETH] leads

The NFT frenzy appears to be far from fading away. In the last few months, the non-fungible token realm has managed to capture the imagination of crypto followers and is now growing at a rapid pace. The headline-grabbing digital phenomena undeniably represent a new facet of the crypto realm. Despite being inherently speculative, the NFT market has hit a new milestone in the third quarter of 2021.

According to Mason Nystrom, the research analyst of Messari, the non-fungible token market officially blasted past $10 billion in terms of secondary sales combined across diverse cohorts that encompass gaming, PFPs [profile pics], sports, and collectibles. The exec also noted the evolution of the NFT landscape evolved the past twelve months from a small ecosystem with a few hundred million in sales volume to a multichain ecosystem that is worth tens of billions of dollars today.

Ethereum outshines other blockchains in NFT sales

The Ethereum blockchain has been mired with severe scalability issues. For the most part, the 2.0 upgrade remained a moving target which boosted other blockchains and layers 2 solutions. But the upgrades this year have helped Etheruem’s case. So far, the blockchain has managed to retain NFT market players’ confidence. This trend was also evidenced by Messari’s latest data which pointed that Ethereum continued to lead all blockchains as well as layer-2s with over $6 billion in secondary NFT sales.

Revealing the same, Nystrom commented,

“Ethereum’s NFT market dominance reached an all-time low in Feb 2021 when Flow’s NBA Top Shot encapsulated much of the market. Recently, even amidst high fees, Ethereum has regained its NFT dominance.”

Polygon has also witnessed initial growth mostly emanating from the popular horse racing game, dubbed ‘Zed Run.’ Even amidst high fees. Even Ethereum continues to enjoy the leading position, other blockchains such as Flow and Axie’s Ronin are not far behind. As a matter of fact, these networks have started to rake in stronger shares of the non-fungible token market. Besides, other blockchains such as Solana have also made garnered significant traction and is likely to continue to develop sound ecosystems.