SALES of NFTs so far this year have already surpast the total value of transactions for the whole of 2021.

Analysts have highlighted a downturn in sales made last month, with fears the market for non-fungible tokens is cooling.

Alarm bells were ringing after a 30 percent month-on-month drop off in value of trades.

However, NFTs still recorded their second best ever month for total trading volume in February.

DappRader data says $10.6billion worth of sales were conducted during the month.

In January $15billion worth of trade in the digital assets was conducted.

Added together approximately $25billion in trade has been done so far in 2022.

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By comparison, the whole of last year saw $23billion in total value of purchases.

It means even if the market is seeing a decline in interest from its record highs, 2022 will still see phenomenal growth over the course of a 12 month period.

The $23billion worth of trades conducted last year were in themselves the result of an explosive increase in demand for NFTs.

There were just $94.9million worth of sales in 2020 according to DappRadar.

Continued exceptional growth rate reflects an increased interest in blockchain technology that shows no sign of stopping.

Although total value of sales decrease in February compared to the month before, other metrics point to the continued growth of the market.

In February there was an eight percent rise in NFT traders and a two percent uptick in the total number of the assets sold across platforms.

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