The non-fungible token-based artwork market witnessed a profitable end of 2020 with astonishing trading volume figures monthly compared to those seen during November.
Metrics Show $8.2 Million Worth of Crypto Artwork Sold in December
According to metrics revealed by Nonfungible.com, the volume in December of NFT artworks sold was $8,681,242.59, surpassing by far the $2.6 million traded over November 2020, according to the platform Cryptoart.io, almost triplicating the numbers.
The considerable surge comes within the context of a too-bullish crypto market in the last quarter of 2020, but most notable in December, which can explain part of the rally in trading volumes. In fact, the NFTs are often tradeable via ethereum (ETH), which as of press time, is exchanging hands at $1,081, according to markets.Bitcoin.com data.
As per the volume of tokens traded in December, Nonfungible.com metrics show that 11,783.005 ETH, 8,871,872.58 SAND, and 3,740,922.486 MANA were crossing the board during the last month of a turbulent year in the midst of the coronavirus pandemic.
The number of sales was 68,718 over the month, with an average price of $126.33. So far, Cryptoart.io figures unveiled that total crypto art value is set at $ 43,253,447.26 (43,009.583 ETH), with total artworks sold of 51,073.
NFT Marketplaces With the Best Trading Volumes in December 2020
Such analytics platform shows that NFT marketplace Nifty Gateway leads the ranking in December, with over $6.67 million worth of blockchain-based artwork sold over the month, followed by Superrare, with a trading volume of just $1.12 million, and Makersplace with $343,000 approximately.
Also, total NFT artists in December were 711, representing an all-time high in the industry, together with 1,480 collectors seen over the month.
Recently, news.Bitcoin.com reported a survey on non-fungible token trends within crypto users, which revealed that 47% of correspondents had heard of NFT. Among these, 63% of them had only a basic understanding of it, while 57% of them had never used them.
What do you think about the latest metrics on NFT-based artworks? Let us know in the comments section below.
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4 Responses
The significant uptick in NFT artwork sales during December 2020 raises fascinating questions about the intersection of technology, art, and market behavior, particularly in the context of a bull market in cryptocurrencies. The figures you shared—an almost threefold increase from November—illustrate not only the growing interest in digital art but also the potential for NFTs to redefine value in the creative economy.
You’ve hit on something really interesting there. The spike in NFT artwork sales in December 2020 really highlighted how intertwined the art world is with crypto trends. It’s like this new digital landscape is not just attracting artists but also reshaping how we think about ownership and authenticity.
It’s interesting to think about how NFTs really are reshaping our understanding of value, isn’t it? The spike in sales you mentioned seems to hinge on more than just market speculation—it feels like a cultural shift, too. Many traditional artists are starting to explore these digital formats, which adds a new layer of expression and community engagement that wasn’t really possible before.
It’s fascinating to see the burgeoning interest and trading volume in the NFT artwork market, particularly this explosion we witnessed in December 2020. The almost tripling of sales from November to December really highlights how quickly trends can evolve in the crypto space. As someone who has been following the intersection of art and technology for a while, I can’t help but marvel at how NFTs have transformed the creative landscape.