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The current situation of the Cryptocurrency market is where the vast cryptocurrencies have been blown away with volatility as bulls and bears are playing around.
However, despite the crypto market having a tough time, it looks like the NFT volume and holdings are surging, outperforming last year’s surge.
Specifically, the crypto market has been stuck between $1.6 trillion and $2.2 trillion for almost a year now as the major cryptocurrencies like Bitcoin and Ethereum have been trading around $40,000 and $3,000 level respectively.
Meanwhile, as per the data from IntoTheBlock, a blockchain analytics firm, the NFT trading volumes have surged drastically this year, more than doubling from the start of the year to $56 billion.
NFT Collections Too Surge
An increased volume in NFT also goes hand in hand with an increased number of NFT collections. Today, over 3.5 million addresses hold NFTs.
The surge in the recent NFT holdings can be the result of attraction towards stalwarts such as the Bored Apes collection. The collections floor price has reached record highs this week with the news of upcoming metaverse launch
The Moonbirds collections, the one that was launched in April, has continuously topped sales charts since the time it was launched.
As we look at the data, it can be said that NFT’s 2021 boom is showing no signs of looking back as the NFT is far more accessible than cryptocurrency and also NFTs are subject to lesser regulatory scrutiny.
Web3 along with non-web 3 companies have still not entered the space. Coinbase has recently launched its much awaited NFT marketplace while the Japanese social media giant line recently launched on its own venture.