Non-Fungible Token (NFT) sales spike to record $25bn in 2021

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Non-Fungible Token (NFT) sales spike to record $25bn in 2021

On Monday, data from market tracker DappRadar had unveiled that the sales of Non-Fungible Tokens (NFTs), a unique and non-interchangeable data stored on a blockchain’s digital record that could range from cartoons to video clips, had hit a record $25 billion in 2021 amid growing bet on speculative crypto assets, however, growth momentum of NFT sales is believed to have slowed down later last year.

On top of that, in the face of an increase in unjustifiable bets on crypto assets last year even as Central Banks of G20 economies showed no signs of mainstream adoption, prices of some NFTs climbed at a breakneck speed last year, while a clutch of speculative traders had reportedly coffered up profits within a few days.

Amid such torrential high-tides in NFT trend, the art world had quickly rushed to capitalize on NFTs as several auction houses began to sell NFTs of simple cartoon or artwork for millions of dollars, while an artwork stored in a blockchain network had reportedly been sold off for a record $69.3 million earlier on 2021 at a Christie’s auction.

Apart from the art world, a swathe of top brands across the globe ranging from Coca Cola to Gucci, also had sold NFTs.

NFT sales hit $25 billion in 2021

According to data from DappRadar, sales volume of Non-Fungible Tokens had totalled to a whopping $24.9 billion as of end-2021 compared to a $94.9 million a year earlier.

DappRadar usually collects data from ten different blockchain networks associated with recording the owner of NFTs. Breaking off NFT sales figure for 2021 further, first and second quarter of 2021 had witnessed a $1.2 billion and $1.3 billion in NFTs sales, while NFT sales soared to $11.6 billion on Q4, 2021 that followed a sales figure of $10.7 billion notched on third quarter of last year.