Trade volume is actually higher now than the early, headline grabbing sales like the $69 million sale of Beeple’s Everydays, the First 5000 Days NFT sold by auctioneer Christies that introduced the broad, non-crypto market to the space. NFTs have been around for some time, but have jumped into the mainstream this year and faster than just about any aspect of the cryptocurrency and digital asset space. I don’t think people are fully digesting it,” he says. There is room for multiple billion-dollar companies to be created here. Digital property rights is a huge idea, and the application space is wide open. If I was a tech startup in this space, I would ignore what’s going on right now with digital collectibles and instead spend my time thinking more fundamentally about NFTs. NFTs are the first widespread applications of one of the key breakthroughs of crypto - the creation digital property rights. “It will be hard to compete, and subject to big boom and bust cycles. That’s a crowded market with established competitors,” Hougan says. “You avoid the mistake of thinking about NFTs only as cute digital penguins. OpenSea, one of the premier NFT marketplaces, did $1 billion in monthly trading volume in August, according to data compiled by The Block.
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