The word of the past couple of weeks has been NFT: non-fungible-token. We saw this trend developing from something untouched to something that’s bridging the gap between mainstream industries and our beloved decentralized world. NFTs do not only create wealth, they represent scarcity through collectibles as we’ve never seen before. Physical baseball cards will never be the same after the adoption of NFTs.
NFT sales skyrocketed last year to over $250 million as cited by CNBC. However, that’s honestly just the start. 2021 will be the year of NFT’s. With major players like the NBA selling NFTs in their TopShot collecting for more than $30 million, we see more and more mainstream players entering the space. More recently, a project like Ethernity entered the space creating authenticated NFT’s by celebrities like the Winklevoss twins, Muhammed Ali and Bruce Buffer to just name a few. This goes to show that the market is just getting started.
Another piece of that puzzle is artists, finally capable of having a true way of authenticating their artwork piece for piece and creating secondary markets like never before. Giant artists like Banksy, Beeple, and BossLogic have already entered the space, but more importantly, even the traditional art world is adapting the NFT trend. Arthouse Sotheby’s generates an NFT for each art piece that’s being auctioned through their hands.
The rise of NFTs has a lot to do with their authenticity and flexibility as they can be used for digital artwork, memes, pieces of virtual land, certain rights in musical works, and many other use cases. Earlier this year, a single day’s sales of NFTs outperformed the sales from the whole of 2020, suggesting that much more growth lies ahead this year.
The past couple of weeks have been a true whirlwind for AnRKey X. The innovative DeFi NFT and Esports Gaming project has been working on their platform, and their unique NFTs for months now to share the first previews, and first actual rare drops only in the past couple of weeks. Reality rose above expectations, breaking both their own systems as well as NFT marketplace Rarible. Overall the company has generated over $750k in sales and its community has staked a total of $2.8M $ANRX for NFTs.
What happened on Rarible?
Let’s take you back to March 3rd; AnRkey X dropped its GenSys.X NFT collection. With various designs, the entire collection took the Rarible platform by storm. The GenSys.X collection took the number one spot on Rarible within an hour of release, even briefly crashing the site due to the high level of demand. AnRKey’s team shares their excitement in seeing one of their first creating coming to life and exceeding all of their expectations. Now, the demand didn’t last just one day, it continued throughout the week.
Imagine standing outside with a lemonade stand on the hottest day of the summer selling NFT after NFT throughout the first day, that’s how AnRKey’s GenSys.X NFT collection seemed to be. The team sold over 120 ETH worth of NFTs on the first day of the release; that’s more than $200,000 at the time of writing. That number one spot belonged to AnRKey X for the rest of the day, and the runner-up barely did half of the volume. Secondary market sales hit up to $47,000 per NFT, a 13,602% increase from the original $343 per NFT price.
Over the last 30 days, AnRKey X’s NFT sales volume was in the top-10 in the entire world on Rarible.com leaving behind big names like Mark Cuban and other giant NFT legends.
One should not underestimate this achievement for a relatively young project that’s paving its way to the top in a month where more than $100 million passed hands in the NFT world.
NOTE: The statistics and numbers listed in this article were received directly from the AnRKey team. Nothing in this article constitutes investment advice. Please do your own thorough research before making any purchase.