Retail in Asia

In Trends

NFT sales hit US$2.5 billion in first-half 2021

NFT

Global sales of non-fungible tokens (NFTS) reached a record-high in the first half of 2021, as artists, celebrities and companies alike increasingly dip their toes in the trending market for digital tokens.

SEE ALSO : Department stores in Korea get artsy

According to NFT marketplace DappRadar, sales of NFTs, a crypto asset that represents an intangible digital item such as an image, video or in-game item, came in at US$2.5 billion for the first six months of 2021, compared to US$13.7 million in the first-half 2020, representing a year-on-year growth of 18148%.

“In 2020, the total amount of volume generated by the NFT collections tracked by DappRadar equaled a staggering US$94,862,807. Even more impressive is that by the end of Q2 2021 that figure stands at almost US$2.5 billion,” DappRadar said in a blog post.

DappRadar noted that sales volume fell in the second quarter of the year. However, the number of sales per day and active wallets increased, according to its report.

“In comparison to Q1, the number of sales spiked by 111.46%, while the daily average of unique wallets increased by 151.86% as well,” it reads.

“In comparison to Q1, the number of sales spiked by 111.46%, while the daily average of unique wallets increased by 151.86% as well,” it reads.

According to NonFungible.com, an aggregator NFT transactions on the ethereum blockchain, NFT sales this year are worth some US$1.3 billion, which excludes around US$8 billion of “DeFi” (decentralised finance) NFTs. Taking that into account, the aggregator said that buyers have totalled approximately 10,000 to 20,000 per week since March, outnumbering sellers.

SEE ALSO : O2O marketing is the new retail in China

In the past six months, there have been a slew of brands jumping on the NFT bandwagon and releasing digital collections for purchase, including Rimowa, Givenchy Parfums, Burberry, Gucci and Havaianas, among others.