NFTs Trading Volume in 2021 Jumps to $23 Billion

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Demand for non-fungible tokens (NFT) has continued to rise in 2021 as the total trading volume for the year touched $23 billion. This is a significant jump from the previous year when a little less than $100 million worth of NFTs was traded.

The data compiled by blockchain analytics platform DappRadar further detailed that the number of
 
 blockchain 
addresses engaging with NFTs on a daily basis went up from 5,000 at the beginning of this year to around 140,000 at the year-end. DappRadar tracks more than 30 blockchains supporting decentralized applications.

Expensive JPEGs?

NFTs are digital artworks that are stored on blockchains. These digital images are auctioned and can be purchased with
 
 cryptocurrencies 
and can be held on decentralized wallets. The authenticity and easy transfer of ownership has pushed the popularity of these digital artworks among both artists and investors.

Though NFTs existed for a few years now, their demand exploded mostly in the past couple of years. Many popular artists, sport-persons and celebrities are now launching their NFTs, pushing more demand in the sector.

NFTs have also made their way into the mainstream art world as top auction houses are now selling these digital arts. Earlier this year, Christie’s sold an NFT for $69 million in cryptocurrencies, which is still the most valued NFT so far. Also, projects like CryptoPunks and Bored Ape Yacht Club are creating exclusive digital clubs with the holders of their collections.

“With all of these elements in play, and hundreds of exciting projects launching by the day, the demand for NFTs spiked to unprecedented levels,” DappRadar stated. “The pieces from specific collections are viewed as value storage units and sparked another exciting trend: fractionalization of NFTs.”

Demand for non-fungible tokens (NFT) has continued to rise in 2021 as the total trading volume for the year touched $23 billion. This is a significant jump from the previous year when a little less than $100 million worth of NFTs was traded.

The data compiled by blockchain analytics platform DappRadar further detailed that the number of
 
 blockchain 
addresses engaging with NFTs on a daily basis went up from 5,000 at the beginning of this year to around 140,000 at the year-end. DappRadar tracks more than 30 blockchains supporting decentralized applications.

Expensive JPEGs?

NFTs are digital artworks that are stored on blockchains. These digital images are auctioned and can be purchased with
 
 cryptocurrencies 
and can be held on decentralized wallets. The authenticity and easy transfer of ownership has pushed the popularity of these digital artworks among both artists and investors.

Though NFTs existed for a few years now, their demand exploded mostly in the past couple of years. Many popular artists, sport-persons and celebrities are now launching their NFTs, pushing more demand in the sector.

NFTs have also made their way into the mainstream art world as top auction houses are now selling these digital arts. Earlier this year, Christie’s sold an NFT for $69 million in cryptocurrencies, which is still the most valued NFT so far. Also, projects like CryptoPunks and Bored Ape Yacht Club are creating exclusive digital clubs with the holders of their collections.

“With all of these elements in play, and hundreds of exciting projects launching by the day, the demand for NFTs spiked to unprecedented levels,” DappRadar stated. “The pieces from specific collections are viewed as value storage units and sparked another exciting trend: fractionalization of NFTs.”

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