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Trading in NFTs Rocketed 21,000% to More Than $17 Billion in 2021

NFTs

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If you didn’t enter NFTs world yet, you may think about it after this article. According to a new report from Nonfungible.com, NFT data company, showing that sales of nonfungible tokens in 2021 jumped to more than $17 billion. That’s mean a 21,000% surge from 2020′s total of $82 million.

None fungible tokens are tradable assets that keep track of who owns a certain digital item on the blockchain. No material what kind of item it is, like a work of art, or video game avatar.

How Much Does NFTs Worth?

At Christie’s auction, an NFT representing a collage by the digital artist Beeple sold for a record $69 million. Even celebrities like Jimmy Fallon and Snoop Dogg are big fans of tokens who like arts lake the Bored Ape Yacht Club.

“We’ve seen exponential growth over the past year,” Gauthier Zuppinger, co-founder of Nonfungible.com said.

Even though, some blockchain analysis predicted that the number of total NFT transactions in 2021 is going to be more than $40 billion.
The reason for that according to Zuppinger is back to the company’s own methodology for measuring legitimate volumes of NFT trades. Bots and wash trading, when investors simultaneously buy and sell an asset to artificially inflate market activity, aren’t counted.

NFTs proponents believe that it is a valuable way of proving ownership of digital content. While the critics see it created a predatory behavior.

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Sometimes, Participants are pushed to speculate on prices. In addition to evidence emerging of their growing use for nefarious activities and money laundering.

People learned how to make money from NFTs. Last year, investors generated a total of $5.4 billion in profits from sales of NFTs.

Collectibles, which are the most popular category of NFTs, accounted for $8.4 billion worth of sales. While the second-largest category, gaming NFTs, such as Axie Infinity racking up $5.2 billion in sales.

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