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Will NFTs see the bright 2021?

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Intro: The growing popularity of NFTs is not unknown to people and the crypto enthusiasts. In this feature the Coin Republic tries to explain the areas which see the massive growth and the history of NFTs as such. Read on to know more..

NFTs is one of the rare expectations and has earned a lot of respect among the traders recently. The continuous growth in the demand of NFTs shows that it is growing with sheer popularity. The market of NFTs in 2021 is not showing any signs of slowing down. Within a span of three months, the market capitalization of NFTs rose to 1785%. 

Beeple has sold many NFTs instantly, with the whooping sale of $70million in his name. Christies has also joined the bandwagon to make the NFTs more popular among the crypto enthusiasts. 

The first NFT 

The popularity of NFTs is not unknown to the people. It became popular in 2017 when the first NFT Cryptokitties was launched. At a time when Bitcoin is on evolution, it is still rare for cryptocurrencies to hit mainstream news headlines, unless volatility reaches dramatically. But Cryptokitties is one such rarity. It was launched in December 2017, which became a hit immediately. People had spent $ 1 million worth of ETH in the few days of post-launch. 

It became very popular and was the first app to generate congestion on the Ethereum blockchain. It drew the attention of many media publications like Bloomberg and the BBC. It was the first application to make use of the ERC721 token standard. The game became so popular that people thought there would be a boom in NFT based applications. But in 2018 the popularity of the NFT went down and people started looking towards cryptocurrency

The growing popularity

The NFTs craze has been on an uproar. In September, the weekly volume of NFTs was going up to the $1 million mark. By December this number rose to $2 million. Now in 2021, this popularity has grown manifold. At a time when Ethereum 2.0 has just launched its genesis block, DeFi continues to dominate, NFTs are also getting their due respect among the industry.

Infact, these are getting celebrity attention as they launch their individual flagship NFTs. Hence, a favourable response has been created for NFT market growth in 2021. Hollywood star and blockchain investor Ashton Kutcher has auctioned a piece of digital art via cryptograph, renowned gamer and youTube star Pewdiepie collaborated with a blockchain based game Wallem. They use NFTs for skins and other in-game assets. 

The most famous auction house Christie has also sold a digital portrait of the Bitcoin code at a price of $130,250, over seven times the higher estimate for the work. 

Gaming industry 

The video game industry is valued at $160billion. It is set to grow more than $200 billion by 2023. The popularity of the NFTs can be seen from the Sorare platform which is running a global fantasy football league. There are more than 100 clubs including Juventus, Paris Saint-Germain, Atketico Madrid and FC Bayern Munchen. 

Under Sorare platform the users can collect and trade digital cards representing their favourite player. Even the users can build their own fantasy football teams. It has become one of the most popular platforms which has garnered over $5 million in traded volume. 

Art industry

One will find art lovers everywhere. Digital art is one such form that has garnered a lot of attention of late. Through NFTs there are various artists who can reach the potential buyers for the best pricing. One such example is Beeple, who has encouraged digital arts to perceive the simplicity of using NFTs for transactions. Artists can use tokens for showcasing their work on blockchain platforms to new clients. These tokens carry important data about the artwork. They will tell the list of previous owners and the cost. Hence, in the art field, the use of NFTs shall continue to grow. 

The DeFi protocol

It is a widely known fact that the gaming market is big and offer variety for NFTs, there is yet another platform which is on the rise- DeFi. In 2020, the popularity of DeFi was undoubtedly the best and it belongs to the increasing market growth. The market has now grown over 20 times since last January, as per DeFi Pulse. 

Though there is a seamless growth seen in NFTs, they remain illiquid compared to the rest of the cryptocurrency market. But now there are projects that are merging the DeFi and NFT segments to amp the value of both.

Yes, it is very new, but the emerging trend will allow NFT holders to stake their tokens in DeFi applications. 

These trends became responsible for the growing popularity of NFTs in today’s time. The volume of NFTs marketplace and the NFT based tokens have grown beyond expectations. There have been wide speculations on the NFTs. 

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