$22 B. Spent on NFT in 2021, Report Reveals – ARTnews.com

In 2021, collectors and merchants spent $22 billion on NFT, up from $100 million in 2020, report the Guardians. The data comes from DappRadar, which regularly issues trade reports and maintains top NFT sales rankings.

The NFT scene made headlines in early 2021 with Beeple selling $69 million to its NFT. Every day: the first 5,000 days (In 2021). To many at the time, the NFT craze seemed limited to a group of energetic but rather reserved traders who did not have close ties to the art world. Auctioneers soon began offering more NFT sales and established the infrastructure to make this offering more sustainable and consistent.

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More recently, however, NFT has gone mainstream, and this is what DappRadar claims has pushed the market to great heights. Beeple graced Tonight’s show starring Jimmy Fallon, animated show South Park did a bit on the NFTs, Keanu Reeves mocked them in a recent viral interview, and Melania Trump just announced that she’s launching her own NFT platform. After entering the culture cycle, major branded industries have started their own NFT projects.

According to DappRadar, the numbers demonstrate this sales boom. In the first half of 2021, NFT reached $4 billion in revenue. In the second half of the year, the figure was $18 billion.

“Hollywood, sports celebrities and major brands like Coca-Cola, Gucci, Nike and Adidas, have created massive traction in the space, providing NFT with a new level of exclusivity.” DappRadar told Guardians. “The lure of these well-known names has had a profound impact on the NFT and the blockchain industry at large.”

Despite the allure of this real digital gold rush, experts advise caution.

George Monaghan, an analyst at research firm GlobalData, said: “It will be years before any crypto market, let alone the NFT, becomes anything like any so-called conventional market. stable. Guardians. “I won’t throw your rainy day funds at any NFT memes.”

https://www.artnews.com/art-news/market/2021-nft-sales-report-1234613782/ $22 B. Spent on NFT in 2021, Report Reveals – ARTnews.com

Yasmin Harisha

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