The positive trajectory in NFT sales volume is expected to Increase
Leading up to November, nonfungible token (NFT) data indicated a consistent surge in weekly sales, showcasing a positive trajectory. Although the volume hasn't reached its peak from 2021, industry executives anticipate the upward trend to persist.
On November 6, blockchain analytics firm Nansen reported a significant jump in NFT sales volume, soaring from $56 million in the week ending on October 9 to $129 million in the week ending on November 6.
Jonathan Perkins, co-founder of the NFT marketplace SuperRare, is optimistic about the future, stating that the worst of the NFT-hangover-induced bear market is likely behind us. Perkins expects a considerable macro trend upward in the next six months, emphasizing that the recent downturn was primarily driven by sentiment. He asserts that NFTs represent a fundamental advancement in the internet, introducing traceable origin and ownership to digital objects, unlocking a new online creator economy.
Sonia Shaw, partner and vice president of partnership at digital asset exchange CoinW, sees the recent growth in NFT sales as a broader and more profound interest extending beyond art and collectibles. She believes NFTs are pivotal in verifying the authenticity of unique and valuable items across industries, representing a significant shift in digital and physical asset management. Shaw envisions potential use cases for NFTs revolutionizing industries such as identity management, real estate, healthcare, finance, and supply chain logistics. However, she emphasizes the importance of addressing challenges like regulatory considerations, environmental impact, and security issues.
Oscar Franklin Tan, the CFO of NFT platform Enjin, supports the uniqueness of NFTs as a digital asset class separate from crypto. Tan notes that NFT communities like the Bored Ape Yacht Club (BAYC) and Azuki have remained resilient despite the bear market. He anticipates renewed interest in Bitcoin and Ethereum spreading to blue-chip NFTs and newer collections, including gaming NFTs, as more investors enter the crypto space.
