Trading volumes of non-fungible tokens (NFTs) on Ethereum reached a record $171 million in the past week, up 338% from the equivalent week in June.
Non-fungible tokens are often referred to as digital art. They are unique pieces of art or collectibles underpinned by cryptocurrency technology, primarily the Ethereum blockchain.
OpenSea, one of the largest marketplaces for NFTs, saw record-breaking trading volumes over the past weekend. Volumes reached $35 million U.S. on Saturday (July 31) and $49 million U.S. on Sunday (August 1).
On July 30, one investor spent over $6 million to buy over 100 CryptoPunks. The same day, entrepreneur Gary Vaynerchuk also spent $3.7 million on a CryptoPunk.
CryptoPunks are rare NFT collectibles. Each 24×24 pixelated avatar has its own unique features and accessories. There are a total of 10,000 in existence, and no two are exactly alike.
The market for NFTs was extremely popular at the start of this year but cooled off in recent months before rebounding in July.