The world of Non-Fungible Tokens experienced a remarkable year, with sales this year eclipsing those of previous years. Over $300 million worth of sales were recorded this past week alone. According to data released by DappRadar, a popular app store for tracking transactions across different blockchains, the total trading volume of NFTs in 2021 peaked at over $23 billion, a remarkable increase from a mere $100 million just 12 months ago. This growth in sales can be attributed to the increasing acceptance of NFTs, which has seen popular figures, such as billionaire founder and co-chief investment officer at Bridgewater Associates, Ray Dalio, announcing his interest in joining the NFT space.
During a podcast presentation with artificial intelligence researcher Lex Fridman, the disclosure was made on an episode released on Saturday. Speaking during the conversation, Mr. Dalio noted that the world is presently in an era where various kinds of money will compete, as the value of popular fiats depreciates due to excessive printing. Furthermore, he stated that the evolution of bitcoin played a key role in changing his impression of cryptocurrencies.
According to him, NFTs possess the potentials to become a kind of money that could result in people picking it over bitcoins. This is why he has expressed his desire to join the NFT ecosystem to mint one for himself just to experience the process. The billionaire investor had also disclosed earlier this month that he owned some bitcoin in addition to Ethereum.
Non-Fungible Tokens are distinct and irreplaceable digital items that are linked to works such as music, art, or real estate that people buy and sell on the internet. There are used to keep digital records of transactions and are mostly powered using blockchain technology.