From cartoon apes to video clips, NFT sales will hit nearly $25 billion in 2021 as the speculative crypto asset exploded in popularity, data from market tracker Dappradar shows, however. There were signs of slowing growth. year’s end. The prices of some non-fungible tokens, cryptocurrency assets representing a digital item such as an image, video, or even land in a virtual world, rose so rapidly last year that speculators sometimes made profits within days. For ‘flipped’ them. The art world has boomed, with auction houses selling NFTs representing simple cartoons for millions of dollars without any physical objects changing hands. One NFT The artwork earned a record $69.3 million (about Rs 510 crore) from Christie’s sales in March.
Meanwhile, some of the world’s top brands including Coca Cola and Gucci have also sold NFTs. DappRadar on Monday said the sales volume of NFTs totaled $24.9 billion (about Rs 1,83,960 crore) in 2021, compared to only $94.9 million (about Rs 700 crore) a year ago. DappRadar aggregates data across ten different blockchains, which are used to record who owns NFTs. Quantity estimates vary by data provider, depending on what is included. Transactions that occur ‘off-chain’, such as major NFT art sales at auction houses, are often not captured by the data.
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Cryptoslam, which also tracks multiple blockchains, said the 2021 total was $18.3 billion (about Rs 1,35,250 crore). NonFungible.com, which tracks it Ethereum Blockchain alone put the 2021 sales at $15.7 billion (about Rs 1,16,030 crore). Ethereum price in India is Rs. 2.5 lakh till 11:20 am on January 11. it means money spent NFT That is roughly equal to the amount pledged in 2021 at COP26 to help countries phase out coal, or the funding provided by the World Bank to buy and deploy. COVID-19 Comments.
Sales peaked in August, then declined in September, October and November and picked up again in December, data from the largest NFT market, OpenC, showed. This does not seem to correlate with price movements of the cryptocurrency, which is often used to buy NFTs, as bitcoin and ether have risen over the September to November period. DappRadar said that around 28.6 million wallets traded NFTs in 2021, up from around 545,000 in 2020.
While some see NFTs as the future of ownership in the online world, buying NFTs as a vote of confidence in the development of “Web3” or the metaverse, others are baffled as to why so much money is spent on those items. Expenses are being made that are not physically present. Just 10 percent of merchants accounted for 85 percent of all NFT transactions, said research published in the journal Nature. While the most expensive known NFT sale was $69.3 million, a typical price range was $100 (about Rs 7,390) to $1,000 (73,900), NonFungible.com said.
The prices of the most sought-after NFTs were highly volatile. The average selling price of a Cryptopunk image increased from around $100,000 in July to around $500,000 in November. Cryptoslam data shows that by December it had fallen to around $350,000 (approximately Rs 2.5 crore).
NonFungible.com said that collectibles were the most popular category of NFTs, followed by art. There are some of the most eye-watering NFT sales to land in the online metaverse environment.
Virtual real estate investor Republic Realm bought land in the virtual world The Sandbox in November for $4.3 million (about Rs 30 crore).
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