Historic record: NFT sales break 600 million US dollars

Non-fungible token (NFT) trading is growing exponentially and more and more prominent people want a piece of the pie. At the same time, sales of Immediate Edge blockchain technology-based tokens have surpassed $600 million in revenue for the first time in history – what happened this week? The NFT Monitor.

NFT are booming and many cryptocurrencies related to the novel tokens have gone through the roof in recent weeks. Most notable here are Flow (FLOW), Enjin (ENJ) and Chiliz (CHZ), which have grown between 500 and 1,000 percent since the beginning of 2021 alone.

But that’s not all, the entire NFT sector was able to reach another milestone this week and according to cryptoslam.io, the total turnover of non-fungible tokens now amounts to over 600 million US dollars.

Currently, the NBA Top Shot project by Dapper Labs dominates the sector. With a total trading volume of over 335 million US dollars, the NFT project based on the Flow Blockchain is currently outperforming all other blockchains.

2.5 million US dollars for a tweet

The hype about individual NFT collectibles continues – thanks also to Twitter boss Jack Dorsey. He has come up with the idea of tokenising the first tweet ever on Twitter on the Ethereum Blockchain. Dorsey has long been considered a great friend of cryptocurrencies and has repeatedly demonstrated this in the past through his commitment to Bitcoin.

At press time, the highest bid for the NFT tweet, which made history as the first tweet on 21 March 2006, is the equivalent of US$2.5 million. Sina Estavi, CEO of Bridge Oracle, is the highest bidder at the moment. Shortly before that, Justin Sun, founder of the cryptocurrency Tron, was the highest bidder with a bid of two million US dollars. The auction is scheduled to end on 21 March, the 15th anniversary of Twitter’s founding.

Kings of Leon raise US$2 million with NFT sale

Rock band Kings of Leon began selling the new album When You See Yourself as a non-fungible token on 5 March. According to the NFT marketplace Opensea, this allowed the band to raise 1.45 million US dollars in just five days.

However, Rolling Stone reported that a representative of the band estimates the proceeds to be over two million US dollars, of which 600,000 US dollars will go to the Crew Nation Fund to support live musicians struggling due to the Corona pandemic.

Besides Kings of Leon, other musicians are also trying their hand at NFT collaborations. Whether pop singer Shawn Mendes, Canadian singer Grimes or Linkin Park’s rapper Mike Shinoda – they all see potential in NFT.

In Germany, Fynn Kliemann is a representative of the NFT boom in the music world. The multi-talent recently launched „Jingele“, a project based on the Ethereum Blockchain. If you want to learn more about this project, check out our interview with Fynn Kliemann.