• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
NFT
Nexo

NFT Trading Amounts To Nearly $18 Billion Last Year, Study Shows

Jet Encila by Jet Encila
2 months ago
in News, NFT
0

Non-fungible tokens were one of the hottest topics in 2021, and a new study from industry tracker NonFungible.com demonstrates how NFT traders capitalized on the trend.

According to the analysts, the combined trading volume of NFTs for the year was nearly $18 billion.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

NFTs were all the rage as a result of mainstream media, celebrity, and social media influencer endorsements, not to mention top corporate entities’ support.

In an interview with CNBC, Gauthier Zuppinger, co-founder of Nonfungible.com, stated:

“We’ve witnessed exponential growth over the last year.”

NFTs Rising

In 2020, NFTs were still considered a niche product, with only $82 million in trading volume. Its fame soared in the spring of 2021, when an auction of Beeple’s digital works fetched approximately $70 million.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Nonfungible tokens have developed into a burgeoning market that continues to grow year after year. For instance, revenues increased from $41 million in 2018 to an astounding $2.5 billion in the first half of 2021 — a 60-fold increase in just three and a half years.

Even by 2020’s standards, the rise is astonishing. Total sales of NFTs on Ethereum hit $340 million in 2020 and have already reached nearly $10 billion in 2021, a more than 25-fold increase, according to data from NonFungible.com.

Crypto total market cap at $1.713 trillion on the daily chart | Source: TradingView.com

Related Article | Sydney-Based NFT And Gaming Startup Immutable Secures $200 Million In Funding

Nonfungible.com also tracked cryptocurrency art sales at the world’s three largest auction houses, which totaled $150 million at Christie’s, $100 million at Sotheby’s, and $6.2 million at Phillips.

While a few well-heeled collectors paid exorbitant prices for works by artists such as Beeple and Pak, a sizable network of crypto art buyers has developed.

Since then, tokens in prestigious digital art collections such as CryptoPunks and Bored Ape Yacht Club have fetched hundreds of thousands of dollars each.

Overtaking The EV Market

The report notes that the 200-fold increase in the nonfungible market was 100 times more than the percentage gain in the electric vehicle industry during the same period.

Nonfungible.com provides one of the more conservative projections of NFT trading volume for 2021 based on available data. Chainalysis had estimated the space’s trade volume to be in the neighborhood of $40 billion.

However, Zuppinger asserts that the distinction all boils down to methodology.

Zuppinger asserted that his company engaged in solely genuine transactions and disclaimed any involvement in wash trading or bot operations.

NFTs Are Here To Stay

Meanwhile, as the pandemic winds down, speculation about digital artworks has diminished slightly.

Owners of NFTs, as well as those interested in purchasing or selling them, should take solace in the fact that the average daily trade volume for these digital artworks has remained stable.

In other words, NFTs are almost certain to be around for quite a while.

Related Article | The Notorious BIG Honored With NFT Since His Murder In 1997

Featured image from BBC, chart from TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Jet Encila

Jet Encila

Freelance writing is Jet's other cup of tea. When not on his computer, he unwinds with a cold bottle of beer and laughs with his son over cartoons. Other than that, he's just like everybody else who wants to be happy with their life.

Related Posts

US Justice

US Justice Department Executes First Criminal Crypto Charge

1 hour ago
Terra

Terra Flaw: Ethereum Creator And Binance CEO Slam Terra Via Twitter

4 hours ago
Crypto Corner: The Sports Slice

Crypto Corner: The Sports Slice

1 day ago
Avatars

Avatars For Ukraine – Top Video Game Artists, Celebs Create Poignant NFT Artworks

1 day ago
NFTs In A Nutshell: A Weekly Review

NFTs In A Nutshell: A Weekly Review

3 days ago
Twitter Shares Shed 20% As Elon Musk Says $44 Billion Takeover Deal Postponed

Twitter Shares Shed 20% As Elon Musk Says $44 Billion Takeover Deal Postponed

3 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.