NFT revenue grew 21000 in 2021 to surpass 17 billion
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NFT revenue grew 21,000% in 2021 to surpass $17 billion

According to research conducted by L’Atelier for the Nonfungible.com project, sales of non-fungible tokens (NFT) reached $17.6 billion last year – a 21,000% increase compared to 2020, when that figure was only was $82 million.

Image source: Riki32 / pixabay.com

Image source: Riki32 / pixabay.com

NFTs are electronic assets stored on a blockchain that contain information about who owns a particular digital asset, e.g. B. an image or an avatar for a computer game. In the past year, the market has exploded and started breaking records: digital artist Beeple sold one of his works for $69 million at Christie’s, and TV host Jimmy Fallon’s popular Bored Ape Yacht Club collection caught the attention of celebrities. to rapper Snoop Dogg.

Nonfungible.com data turned out to be lower than some other estimates – for example, the blockchain analysts Chainalysis estimated the NFT market at more than $40 billion in 2021 – official NFT sales without “grey” business methods like artificially buying up their own tokens increase their price.

According to this data, the number of NFT-linked crypto wallets in 2021 was 2.5 million, up from 89,000 the year before. The number of token buyers grew from 75,000 to 2.3 million. Digital assets proved to be a profitable investment: last year, investors earned USD 5.4 billion, 470 crypto wallets generated more than USD 1 million Dollar sales of $8.4 billion were followed by game tokens such as Axie Infinity – their sales reached $5.2 billion. Finally, activities in the so-called Metaverse have intensified, where sales of virtual earth and other objects 514 million USD reached.

This year, the NFT market is expected to continue growing. To date, the average weekly sales volume is $687 million, up from $620 million observed in the fourth quarter of last year. Big players are also expected to enter the market and reduce the number of speculations.

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About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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