The sale of NFTs is booming right now, according to a recent study, with more transactions in the preceding 24 hours than were made in the whole year of 2021 combined.
In a recent reportNEWS, it is predicted that the popularity of NFTs would skyrocket by the year 2022.
On January 22, 2022, NonFungible produced a study forecasting “a new Bull Industry in the NFT market,” according to the company’s founders.
Despite the fact that NFTs have been around since the creation of ERC-721 by William Entriken, Dieter Shirley, Jacob Evans, and Nastassia Sachs in January 2018, the sector remained relatively obscure outside of hardcore crypto circles until the latter half of 2020. In the second half of 2020, NFT sales climbed by more than 200 percent, reaching more than $9 million.
Non-fungible token sales, on the other hand, have skyrocketed in recent weeks, with more than $60 million worth of non-fungible tokens being sold in the previous 24 hours alone.
This has resulted in a spike in the value of highly sought-after NFTs, with three NFT sales totalling more than $1 million occurring thus far in February. 550 ETH was paid for a Cryptopunk collectable on February 22nd, which was valued more than $1 million at the time of the transaction.
Another CryptoPunk was sold three days ago for 800 ETH, which was worth $1.55 million at the time of the sale, and another was sold four days ago for 650 ETH, which was worth $1.55 million at the time of the sale.
According to the findings of the research, the total market capitalization of project-based NFTs was $338 million by the end of 2020. Mason Nystrom, a Messari research analyst, expects that by 2021, this figure would have climbed to well than $1.3 billion, according to his calculations.
According to Nystrom, the art industry has embraced NFTs from the time of their inception through December 2020, earning more than $120 million in sales during that time. He also noted the gaming and collectibles industries as having a lot of promise, but he stressed the need of having the necessary infrastructure in place to get things started.
It was created by the NFT project on Ethereum called Ether.Cards, which has created NFT cards with specific utility qualities that will be assigned at random. These utility qualities include lower platform costs, higher future drop rates, and even shared royalties from the platform’s ongoing revenue. Artists will be able to use the platform to set up raffles, bingos, deathmatches, and other games on their NFTs, among other things.
Probably the most well-known corporation to use non-fungible tokens is the NBA, which has teamed up with Dapper Labs, the creators of CryptoKitties, to produce collectible non-fungible tokens in the style of NBA Top Shot “moments” over the last year.
In the previous 24 hours, more than 34,000 buyers traded basketball-themed cards on Top Shot’s secondary market, resulting in a total of more than $46.7 million in trade volume. The cryptocurrency exchange Cryptoslam said that a LeBron James trading card sold for $208,000 earlier today.
In an attempt to cash in on the NFT fad, some celebrities have attempted to do so, with Lindsay Lohan selling an NFT with a Daft Punk theme for $15,000 on eBay.
Recently, a Russian “artist” attempted to cash in on NFTs by converting a film of him swallowing a live bat in front of the European Parliament into an NFT, which was posted earlier today.