NFT sales volume surges to $2.5 billion in 2021 first half

The market for non-fungible tokens (NFTs) surged to new highs in the second quarter, with $2.5 billion in sales so far this year, up from just $13.7 million in the first half of 2020, marketplace data showed.

An NFT is a crypto asset, representing an intangible digital item such as an image, video, or in-game item. Owners of NFTs are recorded on blockchain, allowing an NFT to be traded as a stand-in for the digital asset it represents.

Sales volumes have remained high after NFTs exploded in popularity early this year. Monthly sales volumes on OpenSea, a major NFT marketplace, reached a record high in June.

Some NFT enthusiasts see them as collectibles with intrinsic value because of their cultural significance, while others treat them as an investment, speculating on rising prices.