- Ethereum NFT market has surged tremendously over last year
- Following last year’s growth and expansion in the use case, a strong uptrend is expected to be witnessed this year
- Several more prominent brands helped the market to get more mainstream
Ethereum NFT tokens are booming as virtual land to digital art study delves into the market. Non-Fungible Tokens (NFTs), a unique crypto-asset existing on the Ethereum blockchain, can be anything from trading cards to art pieces. According to a recent report of Non-Fungible, it is revealed that the transaction count tripled last year of the exploding NFTs. Last year the transactions surged to reach $250 million in total. To date, the biggest sale of the tokens was the sale of virtual lands.
2020 had been a historic year for Ethereum NFT market
In 2020, the Ethereum NFT market had witnessed astonishing growth. According to the report, last year, the use case of the NFT tokens had increased, buyers were vastly exceeding sellers, and plenty of traders had made six-digit profits. Dan Kelly, the chief executive officer of NonFungible, stated that last year had been a historic year for the market, and the cryptosphere has witnessed healthy growth across several stats. Additionally, the explosion of different use cases was fascinating for the communities and projects developed last year.
Following the data, it is also observed that the total value of NFTs transactions, including the sales and others like breeding, minting, and renting, has significantly increased. In 2019, the total value was more than $62 million, which surged over last year towards $250 million. Among the growth, the sales of art have only been observed surging by more than 2,800%.
NFTs market jumped firmly towards mainstream
Few more prominent brands like Turner Sports and watchmaker Breitling have jumped to expand their global footprint. This is one of the significant reasons making the Ethereum NFT firmly mainstream. According to Nadya Ivanova, the chief operating officer of L’Atelier, which helped NonFungible to prepare the report, many traditional brands are already spearheading the first generating of commercial uses for such tokens. Despite all existing brands, many new brands are also expected to enter the market and invest more resources in the sector.
A strong upward trend is to be witnessed this year
Following the report, it is found that the total number of active wallets transacting with NFTs has surged by 97%. Virtual worlds housing numerous virtual assets have formed the most crucial market sector with 25% of total sales. Among the segments, virtual art was observed to be the most vital performing segment in terms of growth. The accelerating growth of the Ethereum NFT over last year suggests a strong upwards trend this year.
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