NFT Market Ethereum-Based Volumes Broke the Trend After Months of Falling

Non-fungible token (NFT) sales volume has been decreasing these last couple of months from August to November 2021. However, during December NFT sales finally broke the trend.

Ethereum-based NFT market volumes incurred a monthly increase of 16.6% between November to December, reaching $2.26 billion by the end of December of last year. 

A potential causality for this growth is surely the increasing popularity of the Bored Ape Yacht Club (BAYC) collection and gaming NFTs over the last couple of months.

British payments company MoonPay during late November introduced a new service that would allow celebrities to buy expensive NFT such as BAYC. Then, during the first week of December, celebrities such as singer Post Malone, presenter Jimmy Fallon, and DJs Diplo and Khaled had been already using MoonPay services so they could acquire their NFTs.

NFTs followed a comparable trend in the sales volume: the transaction volumes of NFTs on a weekly basis for gaming had continuously declined from August to November, only to rise again between November and December.

Last month, Justin Kan, co-founder of Twitch, announced and issued a video game-focused NFT platform called “Fractal,” and gaming giant Ubisoft entered the world of trying NFTs.

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