The NFT market is blowing up on Ethereum as VISA buys a CryptoPunk
Despite facing a lot of turbulence recently, Ethereum (ETH) is still showcasing monthly gains of 30%.
- Over the first half of 2021, global cumulative non-fungible token (NFT) sales are estimated to be worth more than $2.47+ billion.
- Visa recently entered the NFT market by purchasing a crypto collectible worth $150,000.
- Ethereum’s market dominance currently stands at 17.4%.
After having showcased support around the $3,300 range for more than a week running, Ethereum, the second-largest cryptocurrency by total market capitalization, continues to lose some of its momentum, dropping 4% of its value over the previous fortnight. At press time, ETH is trading at $3,262.
However, the ongoing sluggishness hasn’t prevented many prominent market analysts from providing a bullish outlook for the altcoin. For example, senior strategist for Bloomberg Intelligence, Mike McGlone, was recently quoted as saying that Ethereum could quite easily flip Bitcoin’s value in the coming few years, even going as far as suggesting that the former could scale up to a price point of $100K soon.
Furthermore, as pointed out by Finder earlier, Visa continues to bolster its vision regarding non-fungible tokens (NFTs). The payments giant published a paper claiming NFTs to be an innovation that continues to transform the global entertainment/media landscape over the last year or so.
To highlight just how big this market has become, during the first six months of 2021 alone, the NFT market registered $2.47 billion in sales. Not only that, even Visa recently announced that it purchased its first-ever NFT — ala CryptoPunk 7610 — for a sizable sum of $150,000. For those unaware, CryptoPunks are basically digital collectibles that are scarce — 10,000 in all — and are designed to be traded and stored on the Ethereum network.
Lastly, emerging statistical data shows that more than 2,500 CryptoPunks were sold for a combined sum of $466+ million over the last 30-day span — with CryptoPunk 7252 alone selling for a staggering 1,600 ETH — approximately $4.59 million.
The NFT market is driving crypto adoption globally
The previous few months have seen the use of NFTs grow in popularity across a host of different niches, including music, visual art, films, real estate, etc. Over August 2021 alone, NFT marketplace OpenSea facilitated sales in excess of $900 million.
Visa’s NFT market exploration only continues to grow, with the firm recently entering into a partnership with digital asset platform Zipmex, providing crypto enthusiasts across Asia with seamless access to a sophisticated crypto payment infrastructure.
Thus, it will be interesting to see if more mainstream financial entities continue to enter the crypto industry via the NFT route in the coming few months.
Disclosure: The author owns a range of cryptocurrencies at the time of writing