- Non-fungible token market is enjoying a rapid growth
- Terra Virtua CEO urges caution
Ethereum’s non-fungible token market has witnessed a surge in its growth recently. The market is where collectibles like art, games etc are being sold.
However, the CEO of Terra Virtua, Gary Bracey, has asked that the public show some caution to the current surge in the level of interest to the token market.
The top two market places for the token, Cryptokitties and Decentraland, have recorded sales of over $35 million each. This is according to Nonfungible, a site that collates data of the non-fungible token market.
The site went on to note that the market has recorded a tremendous growth in the level of interest shown to it by the public.
SuperRare, a digital art platform, like the big two firms also announced that artworks worth over $4 million were sold in October. It stated that over 10,000 artworks were sold using the digital platform.
In an interview with Decrypt, the CEO urged the public to be calm and temper their expectations on the market. He added that the level of growth the industry is currently going through is essential but it would not be advisable for the public to ignore any warning sign.
When pressed for why he said this, he made it known that art could be very subjective. He said that what one person claims is art could be seen by another person as a waste.
How does the non-fungible token market operate
The non-fungible token market is a very distinct industry in the world of crypto assets.
To explain the market in the simplest of terms, the non-fungible token market deals with crypto-collectibles which are very different from the average cryptocurrency. All of these collectibles are very unique in their own way.
The collectibles in this market can be likened to real world collectibles because they are unique and very rare to find.