The niche markets of NFT’s have seen a steady rise in popularity over the years, the year 2020 accelerated the growth and witnessed more mainstream attention and acceptance from people. The value of the NFT market skyrocketed up to $250+ million.
Continuing the bull run streak 2 months into 2021, the traction and trade value is believed to be surpassing 2020 in the months to come. The second half of 2020 was a major boom to the sector as the sales increased by 200% to more than $9 million.
Non-fungible, a Canadian-based analytics company has released a prediction report that 2021 will see “a new bull market in NFT”. Evidently so, approximately $60 Million non-fungible tokens were sold in the last 24 hours.
The Ethereum NFT’s project Ether Cards are one of its kind NFT cards that will offer various fringe benefits like reduced platform fees, shared royalties, and game setting up options that have helped NFT’s consumer traction.
NBA’s collaboration with Crypto Kitties to create “NBA top shot moments” has raised the millennial interest and is being conceived as a prized position adding more value to it due to the non-fungible quality.
Rise of NFT Tokens
Cryptopunk series sold for ETH 550 i.e $1Million at the time of sale, while another crypto punk was sold for ETH 800, worth $1.55 Million of sale. There was a recent sale for $650 ETH too. The following transactions of NFT made news which gave it a mainstream eye.
Youtuber Logan Paul sold 1772 NFT for $3.5 million
In collaboration with the Polkadot ecosystem ‘bondly,’ he launched the first Logan Paul NFT yesterday at a price of ETH 1 per NFT with 3000 NFT’s and made a whopping $1 Million in sales in the first 30 mins. Perhaps the fascinating part was 3 lucky buyers got a 1st Edition Pokemon Pack, they even got a chance to attend the unboxing in California on Feb 27th.
- NBA sold basketball highlight reels for $95 Million.
- An artist by the name “ most famous artist” has sold $15k worth of artwork this year.
- The Meme Nayan Cat was sold for ETH 300 worth $59,00,00 yesterday.
The British auction house Christie’s is going to conduct an auction to sell the artist Beeple’s digital artwork from February to March. Although this is not the first time Beeple’s art is being auctioned on the blockchain, the last time the sale fetched 3.5 Million.
As bizarre as it may have sounded years ago at the beginning of its existence when William Entriken and Jacob Evans came up with it in 2018, it is now becoming the new-age rage to hold an exclusive digital product or an asset.
With a total market capitalization of $338 Million, the NFT’s have entered the predominant cryptocurrency market of bitcoin,ethereum, litecoin, altcoins, and how. The current market growth prediction second the fact that they are here to stay.