2021 NFT Market Review — what’s to come in 2022?
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NFT Market Review for 2021: Trading Volume Increases to $23 Billion.
Non-fungible tokens, or NFTs, are used to monitor ownership of assets such as artworks and collection objects, whether virtual or physical. NFTs have existed for a long period, possibly since the blockchain ‘s birth.
NFT trading volume increased to $23 billion in 2021, according to DappRadar data on Forbes, and this figure is anticipated to rise even more in the future year.
The number of unique active wallets that interact with NFTs on a daily basis has climbed from 5,000 at the start of the year to over 140,000 at the conclusion, according to the Lithuania-based blockchain analytics business.
NFTs had a fantastic year
To review NFT’s in 2021, the active engagement of celebrities, well-known figures, and well-known brands, the growth of GameFi, and the investment of small to medium-sized enterprises as well as high-profile companies are all contributing to the surge of NFTs this year.
Before, celebrities had few alternatives for monetizing their digital assets. An ICO was one of the few choices available to them if they wanted to create income. Additionally, they could invest in promising start-ups.
They may now cash in on their notoriety owing to NFTs, which allow them to release digital collections of everything, including artwork, songs, trading cards, and products. These tokenized collections will subsequently be traded on the open market between fans and investors.
NFTs Attract Celebrities and Fans
Paris Hilton, Eminem, Naomi Osaka, Snoop Dogg, and Grimes are among the celebrities that have jumped on the NFT bandwagon in 2021.
Celebrities ranging from artists and athletes to actors and supermodels are mining and auctioning off a variety of assets, and blockchain-based commodities have attracted the interest of many digitally aware consumers. Through NFT, these artists may connect with fans in the digital realm, resulting in new revenue streams.
NFTs are being embraced by athletes as well as performers in the entertainment world and also Instagram.
