The secondary market for non-fungible tokens surpassed the primary sales market. This demonstrated a growing demand for NFTs among a larger number of investors.
According to the recent report by research firm Messari, the secondary market for NFT tokens overtopped $15 billion.
“The NFT market has officially surpassed $15 billion in secondary sales combined across a variety of categories including gaming, PFPs (profile pics), virtual worlds, sports, and collectibles. More importantly, while Ethereum leads, the future is growing more multichain by the day.”
By comparison, NFT sales in 2020 reached tiny $340 million.
According to NonFungible, the primary NFT market volume was just over $2 billion over the same period. There are 40,000 traders in the secondary market, compared to less than 25,000 in the primary market. The number of transactions in the last week on the primary market was 31,000, with 41,000 deals made on the secondary market.
The recent Chainalysis report found that NFTs purchased in the secondary market are far more likely to generate profits for the owner than those purchased in the primary market. Only 28% of NFTs bought in the primary market turned out to be profitable, while the share of profitable tokens in the secondary market was 65%.