NFTs are selling for millions of dollars, so what about the second-hand NFT market?

NFTs are selling for millions of dollars, so what about the second-hand NFT market?

...

Recently, first-hand sales of NFTs have gone through the roof. In the past two months, crypto artists WhIsBe and XCopy have bought NFT artwork for $ 1 million and $ 1.9 million, respectively. Not to mention Mike “Beeple” Winkelmann, who made headlines around the world by selling an NFT for $ 69 million at the first auction of an all-digital artwork at Christie's. 

But for this market to become sustainable (or not completely disappear if the NFT bubble bursts),these NFTS need to have a healthy second-hand market. Looking at the NFT markets, however, it's not easy to say whether these expensive digital artworks have been resold for profit or have lost their value.

Richard Chen, creator of data tracking site Crypto art and partner of crypto investment firm 1confirmation (a company that invests in NFT art),explained that the secondary hand market is growing rapidly, but there is typically a glut around high-value artists who contribute to the crypto space in some way.

“Second-hand sales, especially for blue-chip artists like Pak, Hackatal, XCOPY, go a lot more than first-hand sales because of the increase in the base price,” Chen said, adding that “only 99 percent of other artists easily sell a little more than first-hand.”

For More Blogs: chopinnft.com