2021 will be remembered as the year when NFTs became mainstream, despite being conceived in 2014.
The global NFT market generated over $23 billion in trading volume in 2021. This growth is a 230X increase from just $100 million in 2020, according to crypto-data analysis platform DappRadar.
NFTs became so popular that Collins Dictionary selected NFT as their 2021 word of the year. NFT or ‘Non-Fungible Token’, is defined in the Collins dictionary as a digital certificate of ownership of a unique asset such as an artwork or a collectible.
Factors responsible for the growth of NFTs:
- Celebrities have taken a keen interest in NFTs this year. Hollywood stars like Paris Hilton, Eminem, Naomi Osaka, Tom Brady joined the NFT bandwagon. Meanwhile, in India, famous personalities like Amitabh Bachhan, Salman Khan, Yuvraj Singh, Salim-Suleman, Rohit Sharma, Smriti Mandhana etc., have joined the NFT metaverse.
- 2021 witnessed big brands delving into NFTs, brands like Gucci, D&G, and Burberry presented their first virtual wearables. Meanwhile, Nike acquired a virtual sneaker and collectibles startup.
- Blockchain-based games or GameFi amassed more users. These play-to-earn games utilize NFTs and represent 51% of the industry’s usage.
- Facebook’s rebranding to Meta boosted Blockchain virtual worlds like The Sandbox and Decentraland.
The Most Expensive NFTs Sold in 2021
In 2021, NFTs were first put in the spotlight when an NFT called ‘Everydays: The First 5000 Days’ by digital artist Beeple sold for $69 million. After that attention-grabbing sale, the world took notice and let’s just say that it has been a great year for NFTs. Here are the most expensive NFTs purchases of 2021:
- The Merge by NFT artist Pak sold for $91.8 million.
- Mike Winkelmann aka Beeple’s NFT Everdays: The First 5000 Days sold for $69 million.
- Human One by Beeple $28.9 million.
- CryptoPunk 7523 sold for $11.75 million is the most expensive avatar in the collection.
- CryptoPunk 4156 sold for $10.35 million.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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