NFT Sales Volume Reaches The Skies In 2021, Surpassed $17 Billion

As per the reports, the NFT sector witnessed a surge in its sales in 2021. It grew by 21,000%, in contrast to 2020, when trade volume remained $82 Million.
Metaverse played a vital role in this growth, especially the fact that Facebook changed its title to Meta, to bridge the gap among digital worlds.
Metaverse projects, as well as virtual lands, saw a good amount of sales, but the majority of trade volume goes to digital collectibles.

NFTs In Spotlight

Everyone is aware of the fact that the NFT sector was among the best performing spaces in the previous year, a latest report from a non fungible token data organization suggests boosters in this sector which took trade volume of NFTs to the moon.

As per a report, NFT space witnessed a trade volume of over 21,000% escalation in contrast to 2020, when sales were standing around $82 Million by the year’s end.

A research organization, which organized the authentic study, delineated that total trading volume in Non Fungible tokens was $17.6 Billion.

NFTs, which commenced in 2021 as virtual arts, extended to mean a lot of things as the year made its way. This notion got to involve collectibles, avatars, and gaming items, and more.

This record high became more conspicuous when NFT artist Beeple sold his one NFT for $69 Million, rendering him among the most expensive artists on the planet today.

We should not forget the beloved NFT collection Bored Ape Yacht Club, which has established itself as a cult figure in this evolving space. BAYC is a collection of algorithmically generated digital Apes, where each one has its distinct quality.

Present details indicate that Nonfungible(dot)com has among the most orthodox estimates of NFT trade volume for previous year. A data platform formerly forecasted that sector had sales volume in the area of $40 Billion.

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Metaverse Remains A Solid Sidekick For NFT Growth

Another factor which summoned interest in NFTs previous year was Metaverse. After the revelation that Facebook will be retitling its name to Meta, and will concentrate on filling the gap among digital worlds, interest in Metaverse and NFTs surged to latest highs.

Many metaverse projects and virtual worlds sold witness sales of $514 Million despite attracting fame in later part of year. But virtual collectibles overshadowed this fame and still hold the highest sales volume at $8.4 Billion, followed by gaming non-fungible tokens at $5.2 in trade.

With this escalation in NFT sales volume, there was a prominently higher entry in the market. Total wallets acquiring NFTs surged in 2021 to 2.3 Million from 75,000 in its preceding year.

However, recent data indicates that rushing interest in the sector appears to slip down the road again due to attacks by hackers who didn’t even spare the biggest NFT marketplace, OpenSea.

NFTs have attracted not just the general public, but big names like Eminem, Steve Aoki, A7X, Snoop Dogg, and more. This sector is a prominent space for folks who want to earn income through their art, music, etc., digitally.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing