August 25, 2021

NFT sales have soared this month. OpenSea reported that the increase in NFT sales recently reached $1.9 billion despite recording a monthly volume of just over $8 million in January and $148 million in March.

OpenSea is the largest NFT trading platform. OpenSea attributed the growth to the influence of the secondary market.

NFT market data varies by provider methodology, but DappRadar has recorded 32 known NFT sales above $1 million in the last 30 days.

Ian Kane, a spokesman for DappRadar, which closely monitors the market, said: “What we have seen are a few NFT collections popping up in the last few weeks that have been very successful at launch and sold out. That activity has then filtered over to OpenSea where buyers look to flip their NFTs for a higher price.”

MichaelK, a 30-year-old NFT buyer, agrees that COVID-19 has forced people to spend more time at home and online, thereby increasing the growth and popularity of NFTs.

For more information, read the original story in Reuters.