NFT Digital Work Purchase Transaction Reaches IDR 152 Trillion

NFT

Non-Fungible Tokens or NFTs are on the rise. With NFT, digital assets or works can be sold and authenticated, even though there are many duplications circulating on the internet.

Because of this feature, NFT is often used by people as an alternative way to sell their artwork or digital "content".

The popularity of NFT is also skyrocketing. Even the value of NFT sales transactions set a new record high. At least that's the data according to market research firm DappRadar.

According to the latest data from DappRadar, NFT sales reached the highest number, namely US$10.7 billion (around Rp. 152 trillion) in the third quarter of 2021.

The transaction value increased more than eight times compared to the second quarter of 2021, where the transaction value only reached US$1.3 billion or around Rp. 18.5 trillion.

The popularity of NFT has indeed started to climb in early 2021. It can be seen from the value of NFT transactions which began to exceed 1 billion US dollars. Previously, based on DappRadar data, the value of NFT transactions was only stuck at 52.8 million US dollars at the end of 2020.

TraficNFT Sellers and Buyers Grow

The increase in transaction value seems to have also been boosted by the growth in the number of NFT sellers and buyers during the third quarter of 2021.

Based on data on the NonFungible website, there are at least 122,910 crypto wallets that sell (sellers) and 260,489 crypto wallets that are buyers of at least one NFT this quarter.

In the previous period, namely the second quarter of 2021, the number of NFT sellers was recorded at 40,056, while NFT buyers were 97,658 crypto wallets.

NonFungible underlined, the number of buyers and sellers of NFT cannot be calculated in "person" units.

Because, everyone can have more than one crypto wallet that is used to sell or buy NFT.

In the third quarter of 2021, crypto wallets that actively interact with NFT were recorded at 412,578 wallets, up from the previous quarter which was only 203.71 wallets.

 

NFT transactions throughout 2021

NFT itself is a crypto technology such as a digital certificate that certifies the party who owns the photo, video, or other virtual form.

Assets with NFT are traded in multiple channels. First on the blockchain, or in a digital "ledger" similar to the network that supports Ethereum, Bitcoin, and other crypto assets.

NFTs can also be traded off-chain, for example through auction houses. That is why, the volume of NFT transactions often varies. This depends on which transaction origin is included in the calculation.

When calculated, DappRadar noted, the value of NFT transactions reached 13.2 billion US dollars or equivalent to Rp. 188.3 trillion throughout 2021.

Another market research firm, CryptoSlam, revealed that the volume of NFT transactions throughout 2021 reached 9.6 billion US dollars (approximately Rp 137.6 trillion). The figure is only calculated based on transactions that occur within the blockchain. Meanwhile, NonFungible data that tracks NFT transactions on the Ethereum blockchain alone, states that the total NFT transactions throughout 2021 are US$7 billion (around Rp. 100.3 trillion).

 

Famous people "sell" NFT

NFT is also used by famous people to sell their artwork or "content" digitally.

For example, as done by the founder of Twitter, Jack Dorsey. He sold his first tweet which read "just setting up my twttr" as NFT.

The tweet, which was uploaded on May 22, 2006 has sold for US$2.9 million or around Rp. 41.7 billion.

Apart from Dorsey, Elon Musk's wife and musician Grimes is also known to have sold her work through NFT for US$5.8 million (around Rp. 82.9 billion).

Other digital artists have also chosen to sell their work as NFTs. One of them is digital artist Mike Winkelmann, or commonly known as "Beeple", who managed to sell a collage of everything he ever made for 69 million US dollars (approximately Rp. 993 billion).

There are also memes that are used as NFT assets by their creators. For example, the meme "Nyan Cat" is sold for 300 Ethereum or the equivalent of 8.1 billion.

Another popular meme, namely "Bad Luck Brian" was also sold for 20 Ethereum coins or around Rp. 545 million.

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