NFT Market Saw 60-Fold Growth In 2021

Will NFXT Become Next NFT Super Star

The years, from 2018 till 2021 so far, have been proving to be breakthrough years for the global crypto economy. During this time, there were several digital byproducts that paved their way into the digital market. The most prominent ones are decentralized finance, known as “DeFi”, and Non-Fungible Tokens also called “NFTs”.

Both byproducts became huge successes in recent times. If one looks at the growth of the NFT market then shockingly the growth was 60-fold. It is widely believed now that NFTs have emerged as the “turning point” in the digital economy sector.

NFTs were though first introduced in 2017, yet they joined the mainstream digital economy only in 2021. It is currently one of the most booming markets in the crypto industry. This year, however, NFTs sales in the first six months were more than US$ 2.5 Billion. Otherwise, in 2018, the sales were only limited to US$ 41 Million only. The growth since 2018 till to date can be assessed to be 60-fold growth, in less than 4 years’ time.

Similarly, in the year 2020, NFTs sales failed to even cross the US$ 500 Million benchmarks and were under US$ 340 Million. As of November 30, 2021, however, NFTs sales in 2021 have already gone past US$ 9 Billion. Again, the NFT market showcases a 25-fold growth from 1st July till 30th November 2021.

NFT market turned out to be a market for everyone irrespective of their classes and financial conditions. Whether a person is an NFT purchaser or an issuer, the market serves everyone and creates equal opportunity for everyone. From January till May 2021, the NFT market was on the horizon and the monthly sales exceeded US$ 25 Million. But like any other market, there was a slump in the digital economy which resulted in a reduction of NFT sales for short period. Resultantly, sales shrank to almost 90% until NFT euphoria started happening again in July 2021.

In August 2021, NFTs sales recorded its best-ever sales which involved a business of more than US$ 2.6 Billion.

Bitcoin may be the lead coin in the digital economy but when it comes to NFTs sales, Ehtereum is in the lead. Most of the NFTs sales that had taken place or which are going to take place were/are Ethereum based. Ehtereum alone represents more than 80% of the NFTs sales’ revenues for the year 2021. However, the present year hasn’t ended yet and the whole month of December remains. It is expected that the year 2021 will close with the NFTs sales exceeding US$ 17 Billion.

The million-dollar question now is that whether the NFT market is strong enough that it can withstand a future crypto economy crash or not. Interestingly, NFT is rapidly separating it completely from the digital currency economy. If separation is complete, then there will be hardly any difference on the NFTs market in case the crypto economy is facing a crash.

By Mike McIntosh
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