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The year 2021 seems to be the most important year for the non-fungible token (NFT) market, which is growing exponentially with never-before-seen figures.
The non-fungible token (NFT) market has reached a new record. A total of $2.5 billion in sales have been made so far this year, compared to just $13.7 million in the first half of 2020.
As a reminder, an NFT is a cryptographic asset that represents an intangible digital item such as a video, image or even a game item. NFT owners are registered on the blockchain. This allows an NFT to be traded as a replacement for the digital asset it represents.
For some enthusiasts, NFTs are seen as collectibles with intrinsic value due to their cultural significance, while others see it as an investment to speculate on rising prices.
Early this year, NFT sales volumes remained high in view of its popularity. Monthly sales volumes on OpenSea, a major NFT marketplace, reached record highs in June.
DappRadar said volumes reached just under $2.5 billion for the first half of 2021. But the figure for Non Fongible.com, another specialty site, is $1.3 billion, excluding about $8 billion of NFT “DeFi” – decentralized finance. Both sites only track sales that occur on the blockchain.
In March, a digital image sold for a record $69.3 million at Christie’s as an NFT. The second most expensive known NFT sale was a “CryptoPunk” that brought $11.8 million at Sotheby’s.
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