NFT Market

NFT Sales Climb to $11.6 in Q4

Quarterly non-fungible token ales volumes ccross multiple blockchains, in U.S. dollars

In 2021, NFT sales reached $25 billion. In March, an NFT painting fetched a record $69.3 million at a Christie's auction. The money spent on NFTs in 2021 is roughly equivalent to the amount pledged at COP26 to assist countries in phasing out coal, or the World Bank funding made available to purchase and deploy COVID-19 vaccines. According to DappRadar, approximately 28.6 million wallets traded NFTs in 2021, up from approximately 545,000 in 2020. This all Collectible NFTs were the largest NFT sector, accounting for up to 115000 sales in December 2021 alone. In November, virtual real estate investor Republic Realm paid $4.3 million for land in the virtual world The Sandbox. When year-on-year growth for 2021 is compared to that of 2020, the overall growth rate is a whopping 38,060 percent!

Number of non-fungible token sales in popular categories in past month

With Real Madrid Football Club launching the first-ever smart ticket NFT in 2021, the potential for NFTs to transform the ticketing experience is growing. Another emerging NFT trend is virtual real estate, which is a component of the Metaverse. Play-to-earn metaverses are becoming increasingly popular and are widely regarded as the best example of real-world NFT usage, with revenue from virtual gaming worlds expected to reach $400 billion by 2025. Participation in the market has increased from well-known companies, such as Coca-Cola, which released an NFT collection. MIT, one of the most promenient educational institutions, offers its graduates the option of receiving blockchain-based digital diplomas that use Blockchain to verify and protect diplomas.

As the market expands, so does innovation and increased participation, as evidenced by the recent emergence of LooksRare, an NFT marketplace that prioritises its community, rewarding all creators, buyers, and traders, demonstrating the market's dynamism. Throughout 2021, OpenSea has been the dominant marketplace, but LooksRare is competing with OpenSea by focusing on rewarding users, providing an optimal user experience, and utilising advanced technology.

Gas fees have proven to be a concern, but as Ethereum network utilisation reaches all-time highs, it becomes more expensive to mint NFTs, posing a significant challenge to the NFT market and its future growth.

ETH Mean and Median Fee, USD

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