Sunday, August 14

NFT Sales Target Record $ 17.7 Billion In 2021: Cointelegraph Research Report

In 2010, if someone had told you that internet memes, digital illustrations, and Twitter avatars would sell for hundreds of thousands of dollars, would you have believed them?

Well, these are non-fungible tokens, or NFTs, simply put. NFTs are propelling blockchains into uncharted territory riding cute kittens and pixelated punks. What may seem like a veil of speculation about useless collectibles is actually the cloudy horizon of fintech innovation. NFTs represent a turning point. Blockchain technology is now used to represent assets beyond the chain.

To understand the thriving and intriguing world of NFTs, the Cointelegraph Research team delves into this new space and presents the findings in the latest report “Nonfungible Tokens: A New Frontier.”

This report covers the history and development of NFTs, how NFTs are stored, traded and exchanged, how to mint an NFT and which platform to choose, how the NFT market works and how prices are formed, how to find new and exciting projects. of NFTs, how NFTs are regulated in various jurisdictions, how much energy is used when creating and commercializing NFTs, and what future awaits this emerging market.

Download the full report here, with charts and infographics.

How it all started

Bitcoin pioneer Hal Finney first mentioned a first version of the NFTs in 1993. He called them “Crypto Trading Cards”. In a discussion forum, Finney touched on definable scarcity, exclusive ownership, and provenance. These concepts are now the core of every NFT.

The idea of ​​NFTs would not develop much until 2012, when Yoni Assia wrote about “colored bitcoins”, which eventually became “colored coins”. Built on the Bitcoin blockchain, colored coins created Semi-fungible tokens that were supposed to represent real-world assets, such as real estate, commodities, and bonds.

One of the first iterations of NFT, “Quantum”, was created in 2014 by Kevin McCoy and Anil Dash and presented at the New Museum in New York City. In 2015, the first Ethereum-based NFT called Etheria was thrown out in Devcon 1. It is largely considered to be the first truly non-fungible token.

The term “NFT” emerged in 2017. Although little known at the time, two very important NFT projects, CryptoPunks and CryptoKitties, were launched in 2017. This same year, the first NFT house was sold through Propy. This marked the first wave of popularity for NFT to be in sync with the crypto market cycle.

Market growth

NFTs have become a booming market that expands year after year. For example, sales have grown up from just $ 41 million in 2018 to a staggering $ 2.5 billion in the first half of 2021, representing a 60-fold growth in three and a half years.

Even compared to 2020, the growth is staggering. Total sales in 2020 reached $ 340 million and in 2021 so far sales have already exceeded $ 9 billion, representing a growth of more than 25 times according to data on NFT on Ethereum.