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home / news releases / HOFV - NFT sales soar to $10.7B in Q3 amid crypto price gains - Reuters

HOFV - NFT sales soar to $10.7B in Q3 amid crypto price gains - Reuters

Hall of Fame Resort & Entertainment Company
Sales volumes of non-fungible tokens ("NFTs") surges more than eightfold to $10.7B in Q3 of this year vs. $1.3B in Q2 and $1.2B in Q1, Reuters reports, pointing to data from DappRadar. NFTs are blockchain-based tokens that can be used to represent digital files as unique items. As global equities dipped at the start of September, NFT sales on OpenSea, the biggest NFT marketplace, also fell to $3B in September from a peak of $3.4B in the prior month, though elevated from July's figure of just $326M, Reuters notes. Keep in mind that estimates for the size of the NFT market depend on whether it includes off-chain transactions, which are often not captured by the data, according to Reuters. Despite growing sales and usage of NFTs, the number of buyers remain relatively small since there were just 265.9K active wallets trading NFTs on ethereum (ETH-USD) blockchain in Q3, NonFungible.com reports.

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NFT sales soar to $10.7B in Q3 amid crypto price gains - Reuters
Stock Information
Company Name: Hall of Fame Resort & Entertainment Company
Stock Symbol: HOFV
Market: NASDAQ
Website: hofreco.com
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