While the non-fungible token (NFT) economy has exploded in value, another sector of the NFT industry called fractionalization has seen immense growth. A bunch of projects today are dealing with fractional NFTs, which are basically NFT assets chopped into a number of pieces and shared among a community of holders. According to statistics on Sunday, fractional NFTs have an overall market capitalization of around $212.6 million.
Rise in fractional NFT markets
Non-fungible tokens (NFTs) have grown into a billion dollar industry as digital collectibles markets register tens of millions of sales every seven days. The leading marketplace NFT Opensea recorded $ 483.62 million in weekly sales last week and $ 13 billion in all-time sales. Seven-day measurements show that Axie Infinity sold NFT for $ 89.83 million last week and $ 3.79 billion since the start of the year. Another growing area in the NFT industry is fractional NFTs, which are tokens that have been chopped into tradable shards.
The NFT is split into smaller pieces and people believe that it lessens the barrier to entry into otherwise a very expensive NFT collectibles market. Fractionalized NFTs have been around since the early days, and one classic example is the infamous LORDKEK from the 2016 Rare Pepe Trading Card collectible series. The LORDKEK card is one of the few divisible Rare Pepe trading cards and only ten LORDKEK cards were issued. While only eight LORDKEKs exist today, a number of people own 0.00042069 worth of a single LORDKEK card.
Bitcoin.com News has also written on fractional NFT platforms like Otis, Unicly, Fractional, and Daofi. Additionally, a number of other NFT projects have been split up and reports revealed last week that Amazon has backed a split NFT project built on the Wax blockchain called Dibbs. According to statistics from dappradar.com on Sunday, December 12, there are a few hundred million dollars in fractional NFT markets.
Fractionalized NFT Market Capitalization Surpasses $200 Million
In fact, metrics show there’s currently a market capitalization of $212,666,688 on Sunday that is composed entirely of fractional NFT collectibles. The largest market valuation belongs to the Doge NFT (DOG) with $130.14 million or 61.32% of the aggregate $212.6 million.
The second largest market valuation owned by a split NFT is Etherrock # 72 (PEBBLE) which has a market cap of around $ 22.73 million. Feisty Doge NFT (NFD) today has an aggregate market cap of approximately $ 18.29 million and Ladypunk (LADY) has a market valuation of $ 7.67 million.
A dissected Meebit NFT (DSMB) has a $4.3 million market cap making it the fifth largest valuation of fractionalized NFTs. Other top fractionalized NFT contenders include Ape Punk ($3.13M), Antique Zombie Shards ($3.06M), BAYC History ($1.36M), R64X.com ($1.2M), and My Alpha Leaderboard ($1.18M).
While fractional NFT DOG has around $ 20.48 million in cash, Etherrock # 72 and Feisty Doge NFT are the only two fractional NFT markets with over $ 4 million in cash. LADY has $ 335.33K in cash on Sunday and DSMB has around $ 150.7K.
