Recently, the NFT markets have gained enormous traction as they gain acceptance and become integrated by big brands, investors, and digital artists. Today, the NFT market is estimated to be up to 27 billion dollars, including the digital arts, music, and virtual land. In a report published by Chainalysis – a digital service that analyses blockchain – the NFT craze generated over 26.9 billion dollars in the first ten months of 2021.
Also, Chainalysis reported an upward trend in NFT traction towards the end of the year. As of August 2021, there was a significant spike in NFT sales due to the release of the Bored Ape Yacht Clubs' latest collection.
Other significant events that contributed significantly to the sharp rise in value include the Coinfund-led seed round, Sony pictures NFT promotions, the NFT music rights startup royal banks, and endorsements from celebrity creators. Along the line this year, Open Sea took its spot as the most popular destination for buying NFTs. Over the first ten months, it recorded a sale that is approximately 60% of the global NFT transaction
Furthermore, professional talents have begun to eye the NFT marketplace. For example, on the 6thof December 2021, Brian Roberts – the former chief financial officer of Lyft – publicly declared that he would be joining Open Sea as their new head of finance.
Over the year, artists, musicians, and creators have made millions by decentralized auction, sales of their arts, and open-source customer service. Also, collectors have made money from pre-owned NFTs by selling them at a secondary market.
As of today, large-scale NFT transactions have become more popular. For instance, transactions between ten thousand and a hundred thousand dollars made up more than 60% of the transactions that occurred in the first ten of 2021. Moreover, investors and experts have predicted an even higher surge in the coming year.