A new report from NFT data company NonFungible.com estimated that sales of non-fungible tokens – or NFTs – hit US$17 billion in 2021.
That’s almost equal to the annual GDP of Botswana last year.
It also marked a massive jump from 2020, which logged US$82 million in sales.
The study, done in conjunction with L’Atelier BNP Paribas and Ubisoft, found over two million crypto wallets bought over 27 million NFTs
The report also suggested people are getting better at NFTs; investors generated a total of US$5.4 billion in profits from sales of NFTs, and that the average price for an NFT in 2021 was US$807, compared to US$49 in 2020.
NFTs broke into the mainstream last year following digital artist Beeple’s collage selling for a record US$69 million at a Christie’s auction, while popular collections like the Bored Ape Yacht Club have lured in celebrity buyers by the drove.
Blockchain data platform Chainalysis (which themselves estimated the NFT market hit US$41 billion last year) also noted there was a noticeable spike in the last week of August 2021, likely driven by a new release from BAYC.
They also observed that investors have flocked to NFTs in part because they believe they can achieve a high return on investments by purchasing them.
Ethan McMahon is an Economist with Chainalysis and told TechStorm: “Digital artwork is more easily bought and traded, making the distinction interesting. To trade or transfer an NFT, you don’t need to set up shipping, insurance or endure long wait times. The blockchain makes this instantaneous and more accessible to a wider audience.”
He also had this advice for first-timers looking to purchase their own NFTs – watch out for fakes and scams.
“Some bad actors may create collections that look like or are named similarly to more well-known pieces of art. Their goal is to trick people into thinking what they’ve created is more valuable than it may actually be. Buyers can mitigate this risk by researching the artist before buying and making sure the collection is the one they’re actually interested in,” said McMahon.
And for scams, he suggested one be active on social media “to be aware of which collections are coming to market or are popular. Unfortunately, by doing so, you are at risk of receiving inbounds from people looking to deceive you and coerce you into buying their projects. It’s not necessarily a rug pull, it could just be a person asking for you to click on an innocuous looking link that will drain all your funds from a wallet.”
So if you’re looking to join the NFT rush – be aware and be informed!
*Featured image from CryptoPunk #9998
By Samantha Chan \ 11:00, 16 March 2022
7 thoughts on “Growing Market: New Report Estimates Sales Of NFTs Hit The Annual GDP Of An African Country Last Year”
Наша группа профессиональных специалистов приготовлена предлагать вам новаторские приемы, которые не только обеспечат надежную покров от заморозков, но и подарят вашему коттеджу современный вид.
Мы практикуем с последними составами, заверяя долгий продолжительность службы и блестящие эффекты. Изолирование наружных поверхностей – это не только экономия тепла на отоплении, но и забота о окружающей среде. Энергоспасающие технологии, какие мы применяем, способствуют не только жилищу, но и сохранению природных ресурсов.
Самое ключевое: [url=https://ppu-prof.ru/]Стоимость утепления и штукатурки фасада дома[/url] у нас стартует всего от 1250 рублей за квадратный метр! Это доступное решение, которое сделает ваш жилище в истинный тепличный локал с минимальными затратами.
Наши примеры – это не всего лишь изоляция, это формирование поля, в где каждый элемент отразит ваш личный образ действия. Мы примем все твои потребности, чтобы осуществить ваш дом еще еще больше дружелюбным и привлекательным.
Подробнее на [url=https://ppu-prof.ru/]веб-сайте компании[/url]
Не откладывайте заботу о своем корпусе на потом! Обращайтесь к исполнителям, и мы сделаем ваш жилище не только более теплым, но и стильным. Заинтересовались? Подробнее о наших сервисах вы можете узнать на сайте компании. Добро пожаловать в универсум удобства и уровня.
Wow, fantastic blog structure! How long have you ever been running a blog for?
you make blogging glance easy. The full glance of your web site is great,
let alone the content material! You can see similar here sklep online
I will right away grasp your rss as I can’t find
your email subscription link or e-newsletter service. Do you’ve any?
Please let me understand so that I may subscribe.
Thanks. I saw similar here: Dobry sklep
Good day! Do you know if they make any plugins to help with SEO?
I’m trying to get my blog to rank for some targeted keywords
but I’m not seeing very good results. If you know of any please share.
Thank you! You can read similar art here: Sklep
It’s very interesting! If you need help, look here: ARA Agency
Hi there! Do you know if they make any plugins to help with Search Engine Optimization? I’m trying to get my website to rank for some targeted keywords but I’m not
seeing very good results. If you know of any please share.
Cheers! I saw similar art here: Backlink Building
Hey! Do you know if they make any plugins to help
with SEO? I’m trying to get my website to rank for some targeted keywords but I’m not seeing very good gains.
If you know of any please share. Thanks! I saw similar article here: Backlink Portfolio