Industry experts say that NFT sales will continue to trend upward

In the weeks leading up to November, non-volatile token (NFT) data showed a steady upward climb in weekly sales. While the rate is still far from peaking in 2021, industry executives believe the upward trend will continue.

On November 6, data published by blockchain analytics firm Nansen showed that NFT sales rose from $56 million in the week ending October 9 to $129 million in the week ending November 6.

According to Jonathan Perkins, co-founder of NFT marketplace SuperRare, this trend is likely to continue in the coming months. The executive believes the worst is over and is expecting an upward swing soon. he said:

“I think the worst of the NFT-hangover-induced bear market is behind us, and things are turning around. Market volume will always be volatile, but I expect a big upward macro trend in the next six months.”

Perkins also believes the decline in NFTs is “purely sentimental.” In a statement to Cointelegraph, SuperRare's co-founder said nothing “naturally went wrong” with NFTs in the past 18 months.

“NFTs are a fundamental development in the Internet because they introduce tangible provenance and ownership to digital objects. This will open up a new online creator economy 100x larger than Web2,” he added. “covering the last cycle” refers to sizes.

Commenting on the topic, Sonya Shaw, partner and vice president at digital asset exchange CoinW, said the recent growth in NFT sales reflects a “broad and deep interest” beyond art and collectibles. Shaw told Cointelegraph that NFTs represent a significant shift in digital and physical asset management. She explained:

“Your application is critical to the authenticity of unique and valuable items in industries. […] NFTs are an integral part of the digital economy, especially through their integration with Web3 and the Metaverse.

Shaw also pointed out that potential uses for NFTs could revolutionize industries such as identity management, real estate, healthcare, finance and supply chain logistics. While the executive believes in the role of NFTs in increasing digital ownership, Shaw also told Cointelegraph that it's important to remember the challenges for players. This includes regulatory issues, environmental impact and safety issues.

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Meanwhile, Oscar Franklin Tan, chief financial officer of NFT platform Engine, echoed the sentiment. Making the case for NFTs, Tan highlighted that NFTs have already been established entirely from crypto as a unique digital asset class.

The executive told Cointelegraph that many investors entering the digital asset space in 2021 were primarily interested in NFTs. Tan also noted that NFT communities such as Bored Up Yacht Club (BAYC) and Azuki remained intact despite the bear market.

As more investors get into crypto, they may eventually dive into NFTs. “Renewed interest in Bitcoin and Ethereum will necessarily spill over into new clusters, including blue chip NFTs and gaming NFTs,” Tan added.

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