Understanding the NFT market - where does the hype come from?



One sector within the world of cryptocurrency that is not only intriguing but is also set to continue growing in leaps and bounds is that of the NFT market. The volume of NFT sales hit a monthly high of $2.3B (yes, billion) in August, which was up almost 260% in just two short months. The asset class is awake again after the hype surrounding the sector in March and April. Popularity and prices are growing again, attracting more and more people to new projects. This article is to help you understand the NFT market, where the hype comes from, and how you can participate. I'll cover:

  • Current state of the market

  • Where I think its going

  • How to find undervalued NFT projects

To the uninitiated the astronomical prices that NFT bluechips command might be somewhat absurd, so let's start with why they are so valuable.


Average weekly NFT sales over $325,000,000


CryptoPunks


CryptoPunks are the orignal NFTs - the first-ever edition. The team responsible literally invented the ERC-721 token standard that us used by all Ethereum based