NFT sales surge as speculators pile in, sceptics see bubble

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By Elizabeth Howcroft
LONDON (Reuters) - Non-fungible token (NFT) sales surged in August, according to the largest platform for the burgeoning digital asset class, as speculators bet growing interest across the art, sport and media worlds will keep prices rising.
The niche crypto asset, which is a blockchain-based record of ownership of a digital item such as an image or a video, exploded in popularity in early 2021, leaving many confused as to why so much money was being spent on items which do not physically exist.
The frenzy has now reached new highs. Sales volumes recorded on the largest NFT trading platform, OpenSea, have hit $1.9 billion so far this month, more than ten times March's $148 million. In January 2021, the monthly volume recorded on the platform was just over $8 million.
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