Quick Summary
- NFTs became an integral part of decentralized industries and made a big debut in 2021. Beeple, Crypto Punks, and BAYC are one of the biggest contributors to the rise of the NFT world.
In 2021, non-fungible tokens (NFTs) embarked on one of the most extraordinary journeys in the history of emerging decentralized industries. In June 2021, the volume of NFT trading was $2.5 billion. It increased tenfold in the next six months, with total NFT sales reaching a staggering $23 billion by December 2021. We need to look at the trend of NFTs over the last year to understand their amazing performance.
related: $1 Million NFT Rock Accidentally Sold For $0.001!
Laying the foundations
Cryptocurrency historians frequently discuss whether a single event caused the explosion of NFTs in the crypto space. There isn’t a definitive answer to this. The sale of Beeple’s NFT work for $69 million caused shockwaves worldwide. People noticed an increase in NFT projects after seeing attention-getting headlines in newspapers and websites.
Then, in August 2021, CryptoPunks, one of Ethereum’s first NFT generative art projects, achieved $1 billion in total sales. In December, a single CryptoPunk collectible sold for $10 million, making it one of the most valuable NFT collectibles ever. The Bored Ape Yacht Club (BAYC) is another popular NFT series that recently surpassed the $1 billion mark. With the active assistance and promotion of NFT influencers, many initiatives became extremely famous.
NFT play-to-earn games
NFT collectibles aren’t the only thing driving mainstream crypto acceptance among retail and institutional investors. NFT-based play-to-earn games have significantly contributed to the crypto sector’s growth in 2021. Southeast Asians flocked to NFT games like Axie Infinity to pass the time during the COVID-19-induced lockdowns and job losses. NFT gaming profits have helped many people put food on the table.
NFT-based projects in the future
Undoubtedly, 2022 will be a year of mind-blowing advancements and growth in the NFT industry. As a result, we may see a gradual spread of previously unimagined NFT use cases.
NFT-based financial instruments with tokenized insurance, real estate, bonds, debts, and commodities are one example. NFTs can help startups raise capital by opening new avenues for collateralized lending or rent. Furthermore, NFT derivatives may get a lot of traction this year.
Gamers can trade their in-game NFT assets like automobiles and weapons on the futures market, bringing in greater liquidity. Bluechip NFT Indexes can also help new investors get involved in the most successful NFT businesses.
Random Numbers are important building blocks
The NFT sector’s success will be largely determined by how fair, transparent, and secure the NFTs are. Random numbers are the fundamental building blocks of any fair and secure system, according to Game Theory. Random numbers are used in the everyday system operations of most blockchain networks, including most NFT protocols.
Conclusion
If everything goes according to plan, NFTs will have a bright future. They’ve risen to the top of the mainstream market. If you want to be a part of this highly successful and fascinating marketplace, now is the time to take action.
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NFT World News Social Media: Twitter, Instagram, Telegram, Tiktok, Youtube
sources: venturebeat, jackofalltechs
author: Rene Remsik, mnmansha
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
