Gigantic growth: NFTs will convert $ 25 billion in 2021


Sales of NFTs were worth almost 25 billion US dollars last year, up from less than 100 million US dollars in the previous year. This emerges from data from the industry magazine DappRadar, which Reuters first reported. According to the news agency, there was an immense jump in sales of NFTs, especially in the third quarter of 2021, but the growth did not continue to the same extent – nevertheless, almost 90 percent of sales are in the second half of the year. August was the record month, after which the values ​​declined. Only in December there was growth again.

Non-fungible tokens, or NFTs for short, are a cryptocurrency technology and are most easily described as digital deeds of ownership. The hash of a data package that is signed by the author of the original file on a blockchain infrastructure with a private key can be managed with such tokens in a publicly traceable manner. In this way, digital content can be assigned a unique owner. In the past year there was a real hype about the technology, not only the art world jumped on it, there were announcements in very different industries that they would also want to rely on NFTs. In some cases, prices have risen so enormously in the past year that some NFTs were resold after days, writes Reuters.

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Other industry experts come in lower than DappRadar when calculating the total of all NFT purchases. One of the reasons for this is that not all sales are entered in the same way on the large blockchains that are evaluated for such lists. Nevertheless, they all come to tens of billions. The amount of money spent on NFTs in 2021 corresponds, among other things, to the amount that was pledged to states last year to help with the coal phase-out, according to Reuters. The most expensive single NFT remains the digital artwork “Everydays: The First 5000 Days”, which was auctioned for 69 in the spring. The auction of hundreds of thousands of NFTs for the artwork “The Merge” raised over 91 million US dollars in early December.


(mho)

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