The world of cryptocurrency is growing at an amazing rate, and with it so many markets. Such is the case for NFTs, which have jumped significantly over the past year, from sales of $13.7 million in the first half of 2020 to $2.5 billion in 2021.
As we explained, NFT stands for Non-Fungible Token, which is a piece of digital art, video, or in-game items approved by the Blockchain to ensure their uniqueness. The popularity of NFTs has reached new heights with some selling for millions of dollars, such as Beeple's "Everydays: The First 5000 Days", which sells for $69 million, and the first tweet on Twitter for nearly $3 million.
Last week, we sold more than $5.4 million of source code for the World Wide Web that was written by him, thanks to his colleague Berners-Lee.
All of these sales contributed significantly to NFT sales, to nearly $2.5 billion in the first half of 2021 according to a DappRadar report. NonFungible recorded $1.3 billion during this period, but does not include the $8 billion in "DeFi" NFTs.
"Every Day: First 5,000 Days" by Beeple
DappRadar and NonFungible only track transactions through the blockchain. Given that some of these multi-million dollar sales were made partly from the blockchain and were added later, these numbers could be even higher.
NFTs are primarily sold in the market. Rarible and OpenSea are free marketplaces with a wide range of NFTs of different combinations. Other markets, such as the NBA Top Shot and the Axie Infinity Marketplace, sell only a few NFTs, but can still attract hundreds of thousands of traders.
Some see NFTs as scams, others as part of the culture, but many see it as an investment opportunity similar to cryptocurrency. Regardless of which one is, NFTs seem to be here to stay for now.
Masterhead by Vladimir Kazakov
NFT sales increased from less than $15 million last year to $2.5 billion in the first half of 2021