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Finance
NFTs (non-fungible tokens) recorded strong sales in November, with more than $129 million in transactions. According to NonFungible.com, the total transaction volume was up nearly 350 percent from October.
Leading the way was Nansen Finance’s Blur, an art cryptocollectible that auctioned 65 variations of its “Blur Boy” character, bringing in more than $37 million in total sales. Rarible followed suit, generating $30 million in sales.
NFTs have become increasingly popular since the launch of Ethereum-based tokens in 2017. In 2020 alone, the total sales for NFTs spiked 5,500 percent to over $500 million across multiple digital asset platforms.
The recent spike in November can be attributed to a number of factors, ranging from the upcoming ERC-721 NFT standard to an overall surge in cryptocurrency prices. With this new surge, the total market capitalization of NFTs is now over $1 billion.
The future looks bright for the NFT market as more users gravitate towards digital tokens as a way to express their creativity and passion. With the technology still relatively new, it will be interesting to see how the market grows in the coming months.