{"id":15033,"date":"2021-12-23T13:33:00","date_gmt":"2021-12-23T18:33:00","guid":{"rendered":"https:\/\/i5i.ca\/?p=15033"},"modified":"2021-12-25T16:18:17","modified_gmt":"2021-12-25T21:18:17","slug":"forbes-nft","status":"publish","type":"post","link":"https:\/\/i5i.ca\/i5i_ca\/forbes-nft\/","title":{"rendered":"NFT Market Generated Over $23 Billion In Trading Volume In 2021"},"content":{"rendered":"\n<p>By Nina Bambysheva, Senior Contributor, Crypto &amp; Blockchain, Dec 23, 2021, <a rel=\"noreferrer noopener\" href=\"https:\/\/www.forbes.com\/sites\/ninabambysheva\/2021\/12\/23\/nfts-generated-over-23-billion-in-trading-volume-in-2021\/?sh=718ff835f0a1\" target=\"_blank\">Forbes<\/a><\/p>\n\n\n\n<p>Scarcity is notoriously difficult online. Content flows too freely; it is too easily copied, replicated, shared, and <\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/thumbor.forbes.com\/thumbor\/960x0\/https%3A%2F%2Fspecials-images.forbesimg.com%2Fimageserve%2F610a89ace29335f750cf31d3%2FArts---Entertainment-Return-To-New-York-City-As-Pandemic-Restrictions-Lift%2F960x0.jpg%3Ffit%3Dscale\" alt=\"Arts &amp; Entertainment Return To New York City As Pandemic Restrictions Lift\"\/><figcaption>NEW YORK, NEW YORK &#8211; MAY 12: People walk past CryptoPunk digital art non-fungible token (NFT)&nbsp;&#8230; [+]&nbsp;<small>GETTY IMAGES<\/small><\/figcaption><\/figure>\n\n\n\n<p>JPEGs going out for tens of millions of dollars, legacy auction houses selling blockchain-based artworks and accepting cryptocurrency for payment, fashion brands issuing digital wearables\u20262021 will certainly go down in the annals of crypto history as the year of NFTs. The still nascent market for non-fungible tokens has had its best year on record, generating over $23 billion in trading volume\u2014a frenzy away from less than $100 million recorded last year, according to&nbsp;<a href=\"https:\/\/dappradar.com\/blog\/2021-dapp-industry-report\" target=\"_blank\" rel=\"noreferrer noopener\">data<\/a>&nbsp;from DappRadar.&nbsp;<\/p>\n\n\n\n<p>The Lithuania-based blockchain analytics company, which tracks more than 30 networks that support decentralized applications, estimates that the number of unique active wallets engaging with NFTs on a daily basis went up from 5,000 in the beginning of the year to around 140,000 at year\u2019s end.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/thumbor.forbes.com\/thumbor\/960x0\/https%3A%2F%2Fspecials-images.forbesimg.com%2Fimageserve%2F61c4cf05edab696d94df6068%2Fdappradar-com-2021-dapp-industry-report-top-10-nft-sales-2021-1088x1042%2F960x0.jpg%3Ffit%3Dscale\" alt=\"dappradar.com-2021-dapp-industry-report-top-10-nft-sales-2021-1088x1042\"\/><figcaption><small>DAPPRADAR<\/small><\/figcaption><\/figure>\n\n\n\n<p>Venture capital investors now value the industry\u2019s dominant marketplace, OpenSea, at a&nbsp;<a href=\"https:\/\/www.theinformation.com\/articles\/nft-marketplace-opensea-offered-10-billion-valuation\" target=\"_blank\" rel=\"noreferrer noopener\">reported<\/a>&nbsp;$10 billion, all the while minting new unicorns in the category. And that\u2019s just the tip of the iceberg.<\/p>\n\n\n\n<p>Let\u2019s recap a few factors responsible for the industry\u2019s explosive growth this year:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Celebrities:<\/strong>&nbsp;Paris Hilton, Eminem, Naomi Osaka, Tom Brady\u2026Name a celebrity that has&nbsp;<em>not&nbsp;<\/em>boarded the NFT bandwagon in the past 12 months. From simply purchasing these assets to&nbsp;<a href=\"https:\/\/www.forbes.com\/sites\/carlieporterfield\/2021\/04\/06\/tom-brady-is-getting-in-on-nfts-with-a-new-platform\/?sh=47fcf0386f97\">launching their own dedicated platforms<\/a>, the rich and famous have in large part helped pave the way for digital collectibles to break into the mainstream<\/li><li><strong>Brands&nbsp;<\/strong>have also plowed into the space en masse.&nbsp;<a href=\"https:\/\/www.esquiresg.com\/nft-fashion-top-five-most-interesting\/\" target=\"_blank\" rel=\"noreferrer noopener\">Luxury fashion houses<\/a>&nbsp;such as Gucci, D&amp;G, and Burberry presented their first virtual wearables; VISA&nbsp;<a href=\"https:\/\/www.forbes.com\/sites\/ninabambysheva\/2021\/08\/23\/visa-enters-metaverse-with-first-nft-purchase\/?sh=46877e9b68b3\">bought<\/a>&nbsp;\u200b\u200bone of the 10,000 24&#215;24 pixel images of the CryptoPunks NFT collection, solidifying its blue-chip status, and Nike went as far as&nbsp;<a href=\"https:\/\/www.forbes.com\/sites\/martyswant\/2021\/12\/13\/nike-moves-deeper-into-the-metaverse-by-acquiring-virtual-sneaker-designer-rtfkt\/?sh=1752e3b06655\">acquiring<\/a>&nbsp;a virtual sneaker and collectibles startup, to name a few!<\/li><li><strong>Auction houses,&nbsp;<\/strong>including Christie\u2019s and Sotheby\u2019s, embraced digital art and started accepting cryptocurrencies for payment. In March, digital artist Mike Winkelmann, known as Beeple, joined the club of the world&#8217;s most valuable living artists when his tokenized artwork \u201cEverydays \u2014 The First 5000 Days\u201d&nbsp;<a href=\"https:\/\/www.nytimes.com\/2021\/03\/11\/arts\/design\/nft-auction-christies-beeple.html\" target=\"_blank\" rel=\"noreferrer noopener\">sold<\/a>&nbsp;for $69 million.<\/li><li>While decentralized finance applications remained a hot topic in the first half of the year, blockchain-based games, or the so-called&nbsp;<strong>GameFi<\/strong>&nbsp;(in reference to the financialization of video gaming) have quickly amassed more users than their peer categories. According to DappRadar, play-to-earn games, many of which utilize NFTs, now represent 51% of the industry\u2019s usage, while DeFi accounts for 37%.<\/li><li>The hype,&nbsp;<a href=\"https:\/\/docsend.com\/view\/t2c92yuefkmwnajf\" target=\"_blank\" rel=\"noreferrer noopener\">particularly around GameFi<\/a>, lured<strong>&nbsp;venture capital&nbsp;<\/strong>investors, who poured an estimated $4 billion in the category.<\/li><li>Finally, in the wake of Facebook\u2019s rebranding to Meta, the value of&nbsp;<strong>metaverse<\/strong>-related projects&nbsp;<a href=\"https:\/\/www.forbes.com\/sites\/ninabambysheva\/2021\/10\/29\/metaverse-tokens-soar-following-facebooks-rebrand-news\/\">soared<\/a>. Blockchain virtual worlds like The Sandbox and Decentraland generated over $500 million in trading volume and reached a market cap of $3.6 billion.<\/li><\/ul>\n\n\n\n<p>In fact, next year is likely to be all about the metaverse, thinks Modesta Masoit, DappRadar\u2019s head of finance and research. NFTs changed the way we think about ownership and opened up new financial opportunities for all\u2014creators, retail and institutional investors, VCs, but \u201cthe hype is coming down,\u201d she says. \u201cMost likely, 90-95% [of projects] might go to zero at some point.\u201d But that doesn\u2019t mean that the bubble will burst. She believes the initial hype will transform into a more complex perspective, focused on utility and merged with neighboring categories of decentralized finance and gaming\u2014all under the umbrella of the metaverse.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Nina Bambysheva, Senior Contributor, Crypto &amp; Blockchain, Dec 23, 2021, Forbes Scarcity is notoriously difficult online. Content flows too freely; it is too easily copied, replicated, shared, and JPEGs [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"footnotes":""},"categories":[31],"tags":[315],"class_list":["post-15033","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-blockchain"],"_links":{"self":[{"href":"https:\/\/i5i.ca\/i5i_ca\/wp-json\/wp\/v2\/posts\/15033","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/i5i.ca\/i5i_ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/i5i.ca\/i5i_ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/i5i.ca\/i5i_ca\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/i5i.ca\/i5i_ca\/wp-json\/wp\/v2\/comments?post=15033"}],"version-history":[{"count":5,"href":"https:\/\/i5i.ca\/i5i_ca\/wp-json\/wp\/v2\/posts\/15033\/revisions"}],"predecessor-version":[{"id":15047,"href":"https:\/\/i5i.ca\/i5i_ca\/wp-json\/wp\/v2\/posts\/15033\/revisions\/15047"}],"wp:attachment":[{"href":"https:\/\/i5i.ca\/i5i_ca\/wp-json\/wp\/v2\/media?parent=15033"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/i5i.ca\/i5i_ca\/wp-json\/wp\/v2\/categories?post=15033"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/i5i.ca\/i5i_ca\/wp-json\/wp\/v2\/tags?post=15033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}