TL: DR Breakdown
- The NFT market is gaining value at a fast rate this year.
- Fractional NFTs are different since they can be subdivided into smaller frames to allow a group of investors to own them, and they surpassed $200million yesterday.
The value of the whole NFT market is going up in 2021. Today almost all NFTs have fractional pieces. These assets are usually divided into multiple assets to allow a group of owners to share them. Yesterday, the market cap of the fractional NFTs stood at over $210 million.
NFTs are exceptional artworks secured by blockchain technology to give their owner complete copyrights and redistributed. As a result, many notable artists are joining this market to try and maximize their profits. This movement of artists and investors is causing the fast growth of NFTs.
NFT Markets expand exponentially
The NFT market is currently worth billions, and it’s only getting bigger as daily transactions involving hefty sums are going on. Last week, the largest NFT market, Opensea, sold pieces worth about $483.62 million and set a $13 billion trading volume record.
Axie Infinity also had a weekly sale of $89.83 million and $3.379 billion worth of trading volume. This platform can also brag for its record sale of $3.79 billion within a year. Fractional NFTs also take the crypto space by storm.
These assets are subdivided into multiple frames that are tradable to allow for numerous owners to hold a complete asset together. Trading these shards lowers the price of these assets allowing more investors to trade them.
An excellent example of such an NFT is the LORDKEK cards of 2016. They stand as some of the rarest NFTs on the planet. Only 10 of these cards entered the market, and by now, only eight of them are available for trading. Many can own the shards of these cards. But their holding has to be over 0.00042069 of a full card.
Fractional NFT market capitalization eclipses $200 million
Per statistics from DappRadar, the fractional NFTs hit a market cap of over $212 million yesterday. The Doge NFT is the current leader of this type of NFTs, with 61.3% ($130.14 M) of the total market.
Etherrock (PEBBLE) follows with a market cap of $22.73 M. This value is the second largest in this market. The third project is Feisty Doge NFT, with a market cap of around $18.29 M. Lady punk also has a market cap of $7.67 million.
The Dissected Meebit NFT holds the fifth position with a market capitalization of $4.3 million. However, only the Doge NFT, Feisty Doge NFT, and Etherrock have liquidity of over a million dollars. Doge NFT has a liquidity of $20.48 million, while Etherrock has a liquidity of $4.89million. The Feisty Doge NFT follows closely with a liquidity of $4.74 million.
