During the last week of February, the global NFT market traded $412.38 million, 35% more than a week earlier, according to Cryptopolitan, an American media outlet specializing in cryptocurrencies. Industry analysts believe that NFT trading is being driven by the rising price of Bitcoin, which has increased interest in the cryptocurrency market.
On 03/04/2024 at 7:02 p.m., Bitcoin was trading at more than $67,000, close to its all-time high of $69,000 set in November 2021.
Bitcoin-based NFTs accounted for the lion’s share of trading volume, up 103% from the previous week to $154.82 million. Ethereum-based NFT transactions came in second, with $153.94 million, just behind.
Priority to the most expensive NFTs
It was the NFTs with a high value that were traded the most. Two NFTs were traded for over $1 million (including the Budgie NFT). There were 81 transactions worth more than $100,000 and 206 transactions worth more than $50,000.
Still, the appreciation of NFTs may also be due to a development in uses, beyond the appreciation of Bitcoin.
New business initiatives
Recently, XRPL, a public blockchain project led by Ripple developers, announced that it is working on introducing NFTs to the Ripple mainnet. Ripple, which has been trending downward due to a lawsuit with the United States Securities and Exchange Commission (SEC), could indeed rebound by introducing NFTs.
In South Korea, the idea of using NFTs to eradicate resales of clandestine show tickets was recently put forward. Hyundai Card tried the adventure by selling NFTs as tickets to singer Jang Bum-Joon’s concert in February.
The tickets, issued as NFTs, are strictly authenticated using blockchain technology and cannot be transferred or resold.
Source: “ZDNet Korea”