How quickly things change.
In the spring, the prevailing media narrative surrounding NFTs was bleak. Snarky Kotaku reporters detailed its definite demise. More robust analysis painted a less than rosy, if incomplete, picture. It was a fad, and the bubble had likely burst.
But just a few months later, NFT markets are scorching, and daily volume has well surpassed it spring heights. The industry has already minted three unicorns (Dapper Labs, Sorare and OpenSea), with more likely not far behind. It's been a hot NFT summer, to be sure.
Analysis of the top 15 projects by all-time sales using data from CryptoSlam.io shows the comeback is not only complete, but looks far more sustained than the spring spike.
Daily sales have been on the rise since late May. Recent sales have led by the success of Sky Mavis' Axie Infinity, which itself has produced more than $500 million in a few short months after migrating its platform to its own sidechain, Ronin.
But several existing projects — like ArtBlocks, Sorare and Zed.Run — have seen sustained sales increases as the projects expand.
Sorare became the NFT industry's second unicorn earlier this month when it began raising $500 million at a more than $3.4 billion value. Last week, NFT marketplace OpenSea announced it had raised $100 million at a $1.5 billion valuation, making it the third after Dapper Labs' massive $7.5 billion valuation this spring.
Generative art projects like the Bored Ape Yacht Club and Cool Cats, which grant different levels of intellectual property rights to their holders, have also been skyrocketing this summer. The Bored Ape Yacht Club has produced more than $100 million in sales since April alone.
It hasn't all been rosy.
With interest in the NBA waning following the end of the playoffs last week, the average sale on Dapper Labs' NBA Top Shot has dipped more than 85% since the spring. Similarly, Major League Baseball's first sports collectible project, led by Topps, produced less than $20,000 in each day last week.
Disclosure: Stephen Stirling is a senior reporter for the Street Crypto. He is an NFT artist that uses the platform OpenSea, and holds NFTS from NBA TopShot, Zed.Run and Cool Cats currently valued at more than $500 USD.
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