NFTs, or non-fungible tokens, had another record-breaking month in November. According to Nansen, an analytics platform for crypto and blockchain, total NFT sales increased from $17 million in October to $129 million in November, representing a 650% increase. Blur Network, a decentralized platform for digital collectibles, was the biggest contributor to this surge in sales as it accounted for 40% of total NFT sales.
The majority of NFTs sold on the Blur Network in November were digital art and gaming assets. Digital artist krystopher sold an artwork titled “Kongregate” for $95,000, which was the largest NFT sale of the month. The gaming sector of Blur also saw an impressive jump in sales. The battle royale game, WarRoyale, had over 3,000 users.
Other platforms such as OpenSea and CryptoKitties also contributed to the growth of the NFT market, with total sales increasing from $7.8 million in October to $37.2 million in November.
The meteoric rise of NFTs has been driven by a variety of factors ranging from increased public interest in blockchain technologies to the growing recognition of digital art and the scarcity of digital collectibles. With increasing demand and the likely entrance of institutional players in 2021, the NFT craze looks set to continue in the coming year.