What is the nft market?Let’s review the important data of NFT 2021

7/28/2015 20:25 Read 55,690 views

What is the nft market?NFT, known as Non-Fungible Token, refers to non-homogenized tokens, which are unique cryptocurrency tokens used to represent digital assets (including jpg and video clip forms) that can be bought and sold. [1]


In December 2021, it was selected as the #1 Collins Dictionary 2021 Buzzword of the Year.Let's review the important data of NFT 2021.

It's safe to say that one year in the NFT space is like seven years in any other space - if you're not paying attention, you'll miss a noteworthy project. 2021 was a wild ride for NFT, as we do every week, so let's take a look back at the important NFT numbers for 2021 today.

 

To say that the NFT market saw phenomenal growth in 2021 would be an understatement. The segment went from a hidden niche to a mainstream topic and dominated the headlines in the second half of the year.

Let's look at the overall changes in the NFT market in 2021

Q1 and Q2: NFT makes its debut
The first quarter began the NFT boom, starting primarily with centralized programs, including NBA Top Shot, which began to soar in February and March. March also saw OpenSea sales top the $100 million per month mark for the first time, as NFT began to inadvertently capture the attention of more crypto consumers.

At the time, this was already a record-breaking occurrence following the approximately $8 million worth of NFT sales in December 2020.

2021 NFT Year-End Summary: From Niche Culture to Sweeping the World

 

By March 2021, not only was sales volume increasing, but creators were beginning to establish a substantial identity for their work online.

Digital design artist Beeple made headlines when his "Everydays NFT" set a record for the most expensive artwork at a record price of $69 million.

Christie's also began selling NFTs in the first half of the year, creating a lasting attraction for the auction house, which has been followed by more and more NFT-only auctions.

Since May, we have been writing a weekly report. And at the end of the first half of the year, NFT sales continued to soar, topping $2.5 billion in June, compared to $13.7 million in the first half of 2020.

 

Q3 and Q4: NFT in full swing
By the second half of the year, NFT and the metaverse dominated the Crypto community.

 

According to Crypto Research, OpenSea began to open up to gradual popularity, jumping from $33 million in July to $3.4 billion in August. August's NFT trading volume exceeded that of the first and second quarters combined. Institutions are also becoming active participants, with Visa purchasing its first CryptoPunk in August.

 

Social media platforms like Twitter are having more and more headlines about NFT, and gaming companies like Ubisoft, Epic Games and EA started talking about NFT in their games in the second half of the year.

Other public chains are starting to enter the mainstream, starting with a surge in Solana-based NFT in addition to Ether, and this wave has expanded to other public chains including Polygon, Cardano, Avalanche, and more. This change has been exacerbated by the high Gas fee for Ether.

 

2021 NFT Year-End Summary: From Niche Culture to Sweeping the World

According to Arcane's research, NFT has a very good performance compared to the annual transaction fees of ethereum and bitcoin.

By December, there was increasing talk about the utility of NFT and the ecosystem tools surrounding it - Kraken, for example, recently focused on building the infrastructure to allow users to lend using NFT.

 

And by the fall, NFT went mainstream, and in the second half of the year, not only did crypto-digital artists find their way into the space, but veteran creators of various media began to dip their toes in the water. Everyone from legendary film director Quentin Tarantino, to classic bands like The Beatles and sports stars like Shaq wanted a piece of the action.

In the second half of the year, brand involvement also began to take shape. Brands like Nike, Adidas, Budweiser, Disney and others have also set up NFT programs.

2022: What's really in store for NFT?
What will the NFT of 2022 be? Don't be surprised to see more and more brands getting involved in this space. Among the untapped areas of the NFT are the music industry and the sports industry, which are in desperate need of revitalization.

In addition, the NFT online community has been debating the practical NFT of a strictly art-inspired NFT that is "more than just art. Art-driven NFT is likely to continue to thrive, and many core NFT consumers want more projects that are more interesting and unique.

Only time will tell how this all plays out, and NFT will likely remain a hot topic of discussion in the community in 2022.

 


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