NFT sales set a record last year, reaching $ 25 billion

Non-fungible token (NFT) sales reached $25 billion (approximately Rs 1,84,690 crore) in 2021 due to the strong popularity of crypto assets. According to Reuters, this has been learned from data from market tracker DappRadar. However, its growth remained sluggish in the last few months of the year. Cryptocurrency assets representing some NFTs and digital items grew so fast last year that speculators ‘flip’ them to make a profit. These cryptocurrency assets included images, videos, etc. An NFT artwork earned a record $69.3 million (about Rs 510 crore) in a sale at Christie’s in March. Meanwhile, some of the world’s top brands including Coca Cola and Gucci have also sold NFTs.

DappRadar collects data across ten different blockchains. It is used to know who owns which NFT. This market tracker reported on Monday that the total sales volume of NFTs stood at $24.9 billion (approximately Rs 1,83,960 crore) in 2021 as compared to only $94.9 million (approximately Rs 700 crore) a year ago.

However, each data provider’s estimate is different, as the data for off-chain transactions such as sales in auction houses is not collected.

CryptoSlam, which tracks multiple blockchains, says that the year 2021 saw a total of $18.3 billion (about Rs 1,35,250 crore) in NFT sales. At the same time, NonFungible.com, which tracks only the Ethereum blockchain, says that sales of $15.7 billion (about Rs 1,16,030 crore) took place in 2021. in India price of ethereum It was Rs 2.5 lakh at 11:20 am on January 11.

This means that the money spent on NFTs in 2021 is roughly equal to the amount provided by the World Bank to buy and deploy the COVID-19 vaccine.

According to the largest NFT marketplace OpenSea, NFT sales were at their peak in August. It declined in September, October and November, while the NFT market rose again in December. This suggests that NFT purchases cannot be linked to volatility in cryptocurrency prices. As bitcoin and ether rose in the September to November period, NFT sales declined during this period. Cryptocurrencies are generally used to buy NFTs.

Data from DappRadar shows that around 28.6 million wallets traded NFTs in 2021, up from around 545,000 wallets in 2020. However, a research published in the journal Nature states that only 10 percent of traders made 85 percent of NFT transactions. According to NonFungible.com, the most expensive NFT sale to its knowledge was $69.3 million. At the same time, the common price of NFT sale was between $100 to $1,000.