Thanks to TokenInsight for its detailed report on the NFT market in Q2 and July. According to TokenInsight 2021 Q2 & July NFT Industry Report, we make a conclusion with the report about the hottest projects, developments, and latest data on the NFT market. TokenInsight is a great partner of CyberMiles and a supportive validator on the CM public blockchain. Welcome to stake with them. Here is the tutorial: How to stake with CyberMiles App to get Block Award.
NFT and Metaverse market rose fast in Q2, which shows a strong momentum especially in July 2021. The total NFT market sales reach $1b as of July 2021, The sale of one single month (July 2021) increased by 428% compared with the entire Q4, 2020. Game and Collectibles’ popularity has surpassed in the Sports and Arts since Q2.
Led by the P2E (Play to Earn) game Axie Infinity, the GameFi sector is more active than ever before.
- MUD Game like CrytpoBlades
- Multiplayer builder Game like MyNeighborAlice
- RPG game Illuvium has its market-cap grew up to 100 times in a few weeks
- Top 10 collectibles projects dominate 51.4% of the NFT market.
- New merging collectibles like Meebits, Art Block, Bored Ape yacht Clubs became the hottest NFTs for collectors.
- The most popular NFT collectibles are now the Bored Yacht Club, surpassing CryptoPunks.
- Larva Labs had to bring a black-horse— Meebits to the market, which has a day sale volume of $85 at launching
- Bored Ape Yacht Club has the largest number of buyers while Meebits ranked second. Avatars NFTs ownerships show a high concentration in a small community.
- CryptoPunks and Meebits tell us a trait of the popular NFTs: Rarity (the rarer your NFTs are, the higher the secondary market sale prices).
- Larva Labs’ projects have the most successful FNFT avatars.
- The multiple-use cases enable Meebits to be valuable continuously, that is the Larva Labs’ metaverse identity (will grow in the future).
- The market fever subsided slightly. NBA Topshot still dominates the SportsNFT market with the sales volume decreasing 35.6% in Q2 2021.
- NBA Top Shots’ sales in 2021 reach $660.84m.
- Same as Sports NFTs, sales of Arts NFTs dropped sharply after the trading of Beeple’s artworks
- Beeple’s artworks are the best selling NFTs with his most expensive one scoring $69m
Ultimately the scarcity and the intrinsic value of ownership that NFT brings to the market depend heavily on the consensus of the community. In conclusion, NFT is expanding rapidly, but the overall quality is not ideal, and the audience is still small, especially in the games and collectibles sections. But the expanding trend is promising.
NFT market sales reached over $500m in Q2 2021. In the single month of July, 2021, the volume is 4.28x than Q4 2020. The average secondary market trading vol from Apr to July is $109m.
The surge of GameFi NFT is a confidence booster for the market.
- Axie Infinity started to lead the market in July, with new players growing rapidly.
- CryptoBlades’ SKILL is the best-performing GameFi token in July, along with the price skyrocketing from $0.9 to over $100.
- High-performance public blockchain and layer2 become the main choices for GameFi projects.
The largest decentralized NFT marketplace OpenSea got a record-high trading volume of $326m in July, increasing 118% comparing with June ($150m).
Rising NFT auction marketplaces like TopBidder create new rules, like radical action market, for collectors to play. The new NFT platforms: Ops: Users need to create their own NFT social business cards before they can create and socialize on the platform, each post will generate an NFT. Users can set the price of their business cards. The two platform charges a 5% commission on all transactions); TopBidder: Radical auction agreement based on the ERC721 standard. Every rNFT has a self-pricing mechanism with a bonding curve model.)
In conclusion, the audience of NFT market is still small, the popularity of several popular NFTs has abated a little. However, for many they are still optimistic about NFT and continues to explore and invest. At present, it is suggested to follow closely with the regulation of NFT market and the improvement of NFT quality. We believe that the NFT market will be more popular led by Game NFTs and Collectible NFTs. The market is growing mature and accepting the concept of digital collectibles. We welcome more users to join us in building in the best NFT marketplace, CyberWorld.
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