When the cryptocurrency industry was first founded back in 2009, the industry faced a lot of negative feedback and aggression from the mainstream sector. The industry was highly criticized for its decentralized and unregulated nature. The traditional financial institutions even denied accepting the very existence of the industry as it did not support the idea of centralization.
However, after more than a decade has been passed, the industry has not only flourished and outshined other technologies, it has even introduced products that are extremely beneficial.
Among all the products that have been launched in the cryptocurrency sector, the most prominent and widely product is NFT. The non-fungible tokens are one of the reasons why the crypto-blockchain industry has gained so much exposure and recognition in the past couple of years.
The product was launched alongside Decentralized Finance (DeFi) back in 2017 through the Ethereum network. Since then, the platform has been utilized by several developers to facilitate many sectors such as artwork, gaming, sports, and music.
No matter the sector, the non-fungible token (NFT) technology has played a key role in making the projects a success. Just like the rest of the cryptocurrency industry, the year 2020 saw vast adoption and popularity in the NFT sector as well.
Even with the beginning of the year 2021, the sales and utility of the non-fungible tokens are sky-rocketing and are constantly on the rise. There are many international marketplaces around the world that have started adopting the NFT technology. These sectors are aiming to increase their annual revenues and create a new level of interaction and bonding with their users with NFT.
Just recently, Paradigm, which is a popular cryptocurrency asset investment firm, gathered data around NFTs sales for the year 2020. Following the data collection, the co-founder of Paradigm, Matt Huang shared the screenshot from the data tracker CryptoSlam and NFT marketplace.
According to the data shared by CryptoSlam, one most the top-selling NFT platform is a basketball-based collection named NBA Top Shot. The NBA Top Shot platform was launched back in October 2020, and the platform has generated $5.8 million in sales in the last 24-hours.
When it comes to the last 30-days, the sales accumulated by the NBA Top Shot platform are $68.5 million, which is quite an astonishing figure.
NBA Top Shot is the first-ever venture made by the NBA as the platform has gotten into a deal with a blockchain-based platform.
After the NBA Top Shot, on the second spot are CryptoPunks and Hashmasks NFT that represent a unique collection of artwork and portraits created by over 70 different artists. In the past seven days, the platform has sold over $8 million worth of portraits.