Canadian think tank NonFungible has released a report predicting that 2021 will see a “new beef market in the NFT industry.”
While NFTs have been around since William Entriken, Dieter Shirley, Jacob Evans and Nastassia Sachs invented the ERC-721 in January 2018, the sector largely remained a mystery outside of hawkish crypto circles until the second half of the year. 2020. In the second half of 2020, NFT sales increased 200% to over $ 9 million.
Since then, however, NFT sales have grown at an astonishing rate, with nearly $ 60 million sold in non-negotiable tokens in the last 24 hours.
Similarly, the value of NFTs in demand has risen, and so far several NFTs have earned over $ 1 million each in February. On February 22, a collectible on the Cryptopunk network was sold for 550 ETH, which was valued at over $ 1 million at the time of sale.
Three days earlier, another CryptoPunk was sold for 800 ETH for $ 1.55 million at the time of sale, and another was sold four days earlier for 650 ETH.
According to the report, the total market value of NFT based on completed projects was $ 338 million at the end of 2020. Messari analyst Mason Nystrom believes that this figure could grow to more than $ 1.3 billion in 2021.
Nystrom noted that the art industry adopted NFT, which increased sales by more than $ 120 million from the idea to December 2020. He also pointed to the great potential in the game and collection categories, and emphasized that critical infrastructure should be launched in 2021.
Ether.Cards from the Ethereum NFT project have designed NFT cards that will be randomly rewarded with special benefits such as reduced platform fees, increased chances of future falls, or even shared royalty for the platform’s current revenue. The platform will allow artists to customize lotteries, bingo, fights and other games on their NFTs.
By far the largest company offering irreplaceable codes, the NBA has partnered with creator CryptoKitties to release collectibles for NFT in the form of last year’s NBA Top Shots.
Over the past 24 hours, over 34,000 people have switched basketball-themed cards in the secondary market for Top Shot, resulting in more than $ 46.7 million in revenue. Today, according to Cryptoslam, one card named LeBron James has been sold for $ 208,000.
Several celebrities have also tried to join NFT: Lindsay Lohan sold NFT under the Daft Punk name for $ 15,000.
The Russian “artist” has also tried to make money on the NFT today by converting a video of him eating a live bat in front of the European Parliament to an NFT.