NFT, or nonfungible token, trading volume surged in the third quarter of 2021 to $10.67 billion, a report by analytics platform DappRadar found. That's a 704% increase from the previous quarter.

August, in particular, fueled this growth. It was a record-breaking month, according to DappRadar, with over $5.2 billion in trading volume. Though things cooled off slightly in September, it still accounted for over $4 billion in trading volume.