NFT sales surge in August as speculators pile in

Non-fungible token (NFT) sales surged in August as speculators bet growing interest across the art, sport, and media worlds will keep prices rising, according to the largest platform for the burgeoning digital asset class.

The NFT’s surging popularity in early 2021 left many confused why so much money was being spent on items that do not physically exist.

The increase in sales was driven by the secondary market, according to OpenSea, the largest NFT trading platform.

After NFT collections were launched successfully and sold out, it was then filtered over to OpenSea where buyers sold their NFTs for a higher price.

An NFT representing an ape cartoon image was sold last week on OpenSea for 39 ETH, which was around $124,205, by an account that had acquired it for 22.5 ETH or $61,329 two weeks earlier, according to analytics platform Etherscan.

Another noteworthy NFT flip was of an abstract digital artwork purchased for 0.58 ETH or $1,366 in June and sold for 1,000 ETH or $3,322,710 on Monday.

DappRadar recorded 32 NFT sales of over $1 million each in the past 30 days.