Report: NFT trades top $17 billion in 2021

Everyone knows that the Non-fungible token abstraction was 1 of the champion performing crypto niches past year, a caller study from Nonfungible, an NFT information institution reveals the grade of the growth.

NFTs emergence to stardom successful 2021

According to the report, the abstraction saw income of supra $17 cardinal which represents a 21,000% summation compared to 2020, erstwhile the trading measurement was lone $82 million. L’Atelier probe firm, which conducted the existent study, reported that the full trading measurement for NFTs was $17.6 billion.

NFTs, which started 2021 arsenic conscionable integer arts, expanded to mean a batch of things arsenic the twelvemonth progressed. The conception got to see avatars, gaming items, collectibles, and more.

This grounds maturation became much pronounced erstwhile Beeple sold 1 NFT for $69 million, making him 1 of the most costly artists alive. The abstraction besides led to the maturation of collections specified arsenic Bored Ape Yacht Club which has gone connected to cement itself arsenic a cult fig successful the burgeoning space.

Available accusation shows that Nonfungible.com has 1 of the astir blimpish estimates of NFT trading measurement for 2021. Chainalysis earlier projected that the abstraction had a trading measurement successful the portion of $40 billion 

But co-founder of the company, Gauthier Zuppinger, says the quality is down to methodology. He claimed his institution focused lone connected morganatic transactions and ruled retired immoderate lavation trading oregon transactions involving bots.

Metaverse played a relation successful NFT growth

Another origin that spurred involvement successful NFTs past twelvemonth was the Metaverse. After Facebook revealed that it was renaming to Meta and that it was present focused connected bridging the spread to the virtual world, involvement successful NFTs and Metaverse spiked to caller highs.

Digital lands and other metaverse projects sold $514 million contempt becoming fashionable successful the second portion of the year. But collectibles inactive had the highest trading measurement astatine $8.4 billion, followed by Gaming NFTs astatine $5.2 cardinal successful sales.

With the emergence successful trading volume, determination was besides importantly higher introduction into the market. The fig of wallets buying NFTs successful 2021 was 2.3 cardinal from 75,000 successful 2020. 

However, caller information shows that the raging involvement successful the abstraction appears to person waned connected the backmost of the recent hacks suffered by OpenSea. Per CryptoSlam, the trading measurement of immoderate of the apical NFT projects has dropped importantly wrong the past 30 days.

Jury remains retired connected NFTs

Despite the trading volume, the assemblage is inactive retired connected NFTs. On 1 broadside are those who spot it arsenic the perfect mode to beryllium integer contented ownership. But others judge the marketplace encourages predatory behavior. 

Most NFT trades impact terms speculation, and there’s present evidence of NFTs being utilized for wealth laundering.