Analytics company based in Canada NonFungible released a report predicting “a new bull market in the NFT industry” is imminent in 2021..
Although NFTs have been around since the invention of ERC-721 by William Entriken, Dieter Shirley, Jacob Evans, and Nastassia Sachs in January 2018, Outside of hardcore cryptocurrency circles, the sector remained largely dark until the end of 2020. In the second half of 2020, NFT sales rose 200% to over $ 9 million.
Yet, NFT sales have grown incredibly fast since then;; Approximately 60 million non-fungible tokens have been sold in the past 24 hours.
The value of the most sought-after NFTs has also skyrocketed. Multiple NFT sales hit more than $ 1 million each in February.. A collectible from the Cryptopunk series was released on February 22nd soldFor 550 ETH worth over $ 1 million at the time of sale.
Goodbye my queen pic.twitter.com/EruVsLfOUu
to???? DANNY (@seedphrase) February 22, 2021
Three days earlier, at the time of sale, another CryptoPunk was sold for 800 ETH worth $ 1.55 million, while another was sold four days ago for 650 ETH.
According to the message, The total market cap of NFTs based on completed projects at the end of 2020 was $ 338 million. Messari Research Analyst Mason Nystrom believeTo what That number could climb to over $ 1.3 billion in 2021.
Nystrom explained that The art industry introduced NFTs and had sales of more than $ 120 million from its inception through December 2020. He also pointed to great potential in the games and collectibles categories, noting that the critical infrastructure launch is expected in 2021.
Ethereum’s NFT project, Ether.Cards, has developed NFT cards that are randomly assigned special utility featuresB. reduced platform fees, higher drop rates in the future or even shared rights from current income from the platform. The platform enables artists to host competitions, bingo games, death matches and other games on their NFTs..
The NBA may be the largest company introducing non-fungible tokensIn collaboration with the CryptoKitties developer Dapper Labs, NFT collectibles in the form of NBA Top Shot moments were brought onto the market last year.
In the past 24 hours, more than 34,000 people traded basketball-themed cards on Top Shot’s secondary market, generating more than $ 46.7 million in trade. Just today, according to Cryptoslam, a card with Lebron James was sold for $ 208,000.
Several celebrities have also tried to jump on the NFT bandwagon: Lindsay Lohan sold a Daft Punk-themed NFT for $ 15,000.
A Russian “artist” also tried to take advantage of NFTs todayand turned a video of a live bat being eaten in front of the European Parliament into an NFT.