NFT sales volume upward trend to continue, industry execs say

The executive also believes that in the long term, NFTs will be a huge part of the online economy, and the area will see volumes that “eclipse those of the last cycle. While the executive thinks in the role of NFTs in advancing digital ownership, Shaw also informed Cointelegraph that its important for gamers to likewise be mindful of the obstacles. Tan likewise pointed out that NFT neighborhoods like the Bored Ape Yacht Club (BAYC) and Azuki have “stayed undamaged” regardless of the bear market. As more investors enter crypto, they may likewise ultimately dive into NFTs. “Renewed interest in Bitcoin and Ethereum will necessarily spread out to blue chip NFTs and more recent collections, consisting of gaming NFTs,” Tan included.

In the weeks leading up to November, nonfungible token (NFT) data revealed a constant upward leap in weekly sales. While the volume is still far from its peak in 2021, executives in the industry think the upward trend will likely continue. On Nov. 6, information published by blockchain analytics firm Nansen showed that NFT sales volume jumped from $56 million in the week ending on Oct. 9 to $129 million in the week ending on Nov. 6. NFT sales volume information in the last year. Source: NansenAccording to Jonathan Perkins, the co-founder of NFT market SuperRare, this trend will likely continue in the coming months. The executive thinks that the worst has passed and is expecting up swings quickly. He said: ” I think the worst of the NFT-hangover-induced bear market lags us, and things are turning around. Marketplace volume will constantly be unstable, however I anticipate an enormous upward macro trend in the next 6 months.” Perkins likewise thinks that the downturn in NFTs was “purely belief.” The SuperRare co-founder informed Cointelegraph in a statement that in the past 18 months, absolutely nothing “inherently failed” with NFTs. “NFTs are an essential improvement in the web because they present traceable origin and ownership to digital objects. This opens a new online developer economy that can be 100x bigger than Web2,” he included. The executive also believes that in the long term, NFTs will be a big part of the online economy, and the area will see volumes that “eclipse those of the last cycle.” Top NFT collections by 30-day sales volume. Source: CryptoSlamCommenting on the subject, Sonia Shaw, partner and vice president of collaboration at digital asset exchange CoinW, said that the recent growth in NFT sales shows a “broader and more profound interest” that extends beyond art and antiques. Shaw told Cointelegraph that NFTs represent a significant shift in digital and physical asset management. She discussed: ” Their application in confirming the authenticity of special and valuable products throughout markets is critical. […] NFTs are a crucial part of the progressing digital economy, especially with their combination into Web3 and the metaverse.” Shaw also highlighted that prospective use cases for NFTs could revolutionize industries such as identity management, property, supply, healthcare and finance chain logistics. While the executive thinks in the role of NFTs ahead of time digital ownership, Shaw likewise told Cointelegraph that its important for gamers to also bear in mind the difficulties. This includes regulatory considerations, environmental effect and security issues.Related: NFTs in the academy: Fighting phony qualifications and unjust wagesMeanwhile, Oscar Franklin Tan, the primary monetary officer of NFT platform Enjin, echoed the beliefs. Making a case for NFTs, Tan highlighted that NFTs have actually already been established as an unique digital possession class entirely different from crypto. The executive likewise told Cointelegraph that lots of financiers entering the digital possession space back in 2021 were interested mostly in NFTs. Moreover, Tan likewise explained that NFT communities like the Bored Ape Yacht Club (BAYC) and Azuki have “stayed intact” regardless of the bearish market. As more financiers enter crypto, they might likewise eventually dive into NFTs. “Renewed interest in Bitcoin and Ethereum will necessarily spread to blue chip NFTs and more recent collections, including video gaming NFTs,” Tan added. Publication: Chinas surprise NFT move, Hong Kongs $15M Bitcoin fund: Asia Express