There was a time when the cryptocurrency industry was based on a few digital assets before it starts evolving and now, it is an entire universe. Over time, several products and services have been introduced in the crypto-verse. Still, only a few products have managed to make it through the harsh and unsupported conditions.
One of the most prominent products in the crypto-verse today is the non-fungible token (NFT) industry. However, the entire world has only learned about the industry at the end of 2020 now. Although the NFT sector had been around since 2017, yet it did not gain much prominence until the entire crypto-verse gained worldwide recognition.
Before the entire cryptocurrency industry blossomed, it was only a case of survival for products such as NFTs and decentralized finance (DeFi). With global recognition and adoption of cryptocurrencies, these products have turned very fruitful for developers and users alike.
Since the beginning of 2021, the NFT sector has gained tremendous growth and adoption. Prior to 2021, the NFT sector only generated a few hundred thousand worths of trades and now, the industry generates millions in sales on a daily basis.
With every passing month, the NFT industry has been growing in size and the daily sales for the sector are also growing higher. According to the NFT data analyzing firms, the NFT sales are set to have a breakthrough in the month of August.
The data reveals that so far, the non-fungible tokens sales have grown to a record-high figure for the month of August. The data shows that so far, a total of $896 million worth of NFT sales have been recorded for the month of August.
It is being hoped that by the end of the month, the NFT sales will have crossed the $900 million mark. If this happens, then it is going to be an all-time high month for the NFT sector for the sales of NFTs.
This would mean that the NFT sector would have gained tremendous adoption and investments. This would bring in even more investors and users to the NFT sector, which would be a beginning of a new era for the NFT sector.
Prior to the month of August, the best month for the NFT sector was the month of May 2021. In the month of May, the NFT sector had achieved sales worth $255 million. However, the number of sales has skyrocketed in the month of August for the NFT sector.
Now, the month of August is the highest-grossing month for the NFT sector. The reason behind the sales growth for the NFT sector in the month of August is the launch of Axie Infinity and CryptoPunks.