The non-fungible tokens (NFT), have played a huge role in the overall first half of 2021. Every month of this year has brought at least two NFTs into the market. The continuous addition of more and more NFTs to the market gave rise to speculations, whether the NFT market will reach a saturation level. Yet, the outcomes have been quite astonishing.
NFT so Far in 2021
The whole world evidently submerged into the non-fungible tokens (NFT). The market foresees numerous celebrities, movie stars, various giant MNCs, the Sports sector, and much more.
Every week witnessed the release of a new NFT. In addition, many speculated the market for NFT will get diluted amidst all the news ones entering the market. Also, the developments and introduction of more and more advanced new blockchains enhanced more and more NFTs too.
However, the year 2021 so far has just raised surprise in awe. The NFT market sales throughout the first quarter of 2021 saw a good account of $1.24 billion. Also, the second quarter too saw a good account of sales, even better than the first quarter. The second quarter saw sales of about $1.47 billion.
On the contrary, the first quarter of last year, 2020 saw only about $13.7 million. Such a massive rise from the first quarter of 2020 to the first quarter of 2021, depicts the rise in interest upon the NFTs.
NFTs Vs. Crypto
Prominent players in the NFT market, like the NBA Top Shot, OpenSea, all have contributed towards the growth of the NFT market. The NBA Top Shot touched a peak of an overall $700 million. On the other hand, the OpenSea, a dominant NFT platform saw an all-time high of $150 million.
In addition, the Binance exchange recently launched its NFT exchange platform. This tends to bring more crowd towards the NFTs, evident to the reason of being more accessible and user friendly.
Furthermore, all such highlights upon the NFTs and the recent records for the past 1 year now bring forth a question, are NFTs better than cryptocurrencies and Bitcoin (BTC)?
A highly speculated topic that ought to bring more debates. Moreover, one point truly evident is the crypto market undergoes both bulls and bears, whereas investment upon NFTs, for sure will only raise your investment. NFTs never depreciate so easily, which at the same time depends more on the product on which it’s based.
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