The NFT industry has opened its doors to those who have not known cryptocurrency before. Non-fungible tokens have been issued by musicians, athletes, soccer clubs, museums, fashion houses, car brands, artists and content creators. We talk about how the NFT market has changed in 2021, as well as which NFT projects have become the most popular.
How the NFT Market Changed in 2021
In 2021, the volume of non-fungible token (NFT) transactions exceeded $ 13 billion, according to The Block Research. In January, the market barely reached $ 32 million, but in August that figure marked a record $ 1.5 billion. The same month, the volume of the NFT marketplace, OpenSea, has exceeded $ 3 billion. Revenue increased nearly 400 times, compared to 2020 ($ 33 million). This year the OpenSea market provided 88% of the trade volume of non-fungible tokens (over $ 12.5 billion).
In 2021, the cryptocurrency industry attracted $ 30 billion in venture capital investments, more than ever before. Until then, 2018 was considered a record year, as the crypto industry received around $ 8 billion in investments.
It should be noted that the top 10 most expensive gaming NFTs already include the NFTs of gaming. For example, a land from the Axie Infinity game was sold for $ 1.5 million. In addition, Collins English Dictionary recently called NFT the word of the year. In a single year, the growth of Internet searches containing this word was 11,000%.
The most publicized NFT projects in 2021
1) Axie Infinity. In the Axie Infinity game, players buy, sell, and fight against each other with monsters called Axies to earn the SLP currency. Each Axie is a unique token and collector’s item that can be bought or sold on non-game exchanges. The game developer recently raised $ 152 million.
2) CryptoPunks is the famous original collection of non-fungible tokens, a series of 10,000 pixel images created by a special program. Latest sales ranging from $ 16,000 to $ 1 million feature in the ranking of the 13 most expensive NFT token sales.
3) Sandbox is an Ethereum-based metaverse and gaming ecosystem in which users can create, share, and monetize resources and gaming experiences in a virtual world. The Pixowl company project has revolutionized the gaming industry, in which platforms own and control user-generated content, and the rights of creators and players are limited.
So, as NFT evolved, people were able to monetize the virtual content that has become the basis of the modern Internet. Analysts note that in 2022, investments in NFT projects will give us great pleasure with even greater growth.
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The blockchain offers so many possibilities! After NFTs and the metaverse, who knows what this technology can still offer us? This universe fascinates me and I love to read and write about it. I wish you so much fun reading me!