Secondary sales – sales between individuals (not from platform to individual) – are an excellent representation of the health of the NFT market since it displays the appetite for demand. The total NFT sales number across all blockchains (e.g. including Tezos, Solana) and including primary sales, fractional sales, and platforms like OpenSea likely falls in the $20-30 billion range, potentially higher.
While the NFT market has fallen since its August high, volumes continue to remain strong as users (and speculators) flock to new NFT projects.
Ten Billy in NFTs: How’d We Get Here
To date, the NFT market has experienced several local peaks. NFT volumes first started to rise at the end of December with the growth of crypto art. However, February marked the first local peak in non-platform issued art (i.e. SuperRare, Nifty Gateway) predominantly led by Flow’s flagship collection, NBA Top Shot. The end of April/early May marked another local peak, partially facilitated by the unprecedented growth of Bored Ape Yacht Club and various other NFT avatar/PFP (profile pic) projects.