NFTs Marketplace outperforms all Bitcoin brokers in Brazil combined

It is not only in Singapore that the NFT market has become the topic of greatest interest to investors. Who noticed this recently was Glassnode, which yesterday (18) released a report on the DeFi market.

According to the report, the NFT OpenSea marketplace has already surpassed $1 billion traded and it is estimated that it will reach $2 billion by the end of August.

NFT market volume
Volume traded on Opensea during part of August 2021

NFTs outperforming the Brazilian bitcoin market?

If the projection is confirmed, the NFT market will have traded the equivalent of almost twice the entire last month of the Brazilian bitcoin market.

According to CointraderMonitor, Brazilian bitcoin brokers traded 30,137.41 bitcoins or the equivalent of ~R$5.5 billion at the price at the time. With the dollar at practically R$5.30, the US$2 billion of the dollar will be equivalent to ~R$10.6 billion.

What does this mean for the market?

For Glassnode, non-fungible tokens (NFTs) “remain the leading narrative for Ethereum in today’s market.”

That doesn’t mean we don’t see higher trading volumes on DeFi protocols like Aave, Maker and Compound, which together add up to $42bn in deposits.

What Glassnode probably wants to indicate is that NFTs are attracting a new audience to the Ethereum blockchain.

Since Felipe Neto to Havaianas have already released Non-Fungible Tokens, this increases the use of Ethereum and knowledge about cryptocurrency, since cryptoactive is the preferred platform for launching this new digital phenomenon.

Read more:

Binance dominates Brazil’s billion-dollar Bitcoin trading

DeFi market is an alternative for 68% of Brazilians dissatisfied with banks

Source: Glassnode

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