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NFT Market Potential
Last year, the blockchain space witnessed the soaring of Decentralized Finance (DeFi); however, the NFT sector has stolen DeFi's thunder to become the most prominent trend of 2021.
Statistically, there was an exponential growth in the NFT realm during the first quarter of 2021. According to Forbes, in the first three months of this year, the NFT market capitalization escalated by around 1785% to $432 million. The total trading volume of top NFT platforms multiplied 25 times from $30,1M in December 2020 to $226M in March 2021. More than $2 billion was spent on NFT collectibles in total.
The mainstream media has been raving about NFTs' novelty and their adoptions by celebrities and investors. In March, famous auction house Christie sold Beeple artwork with a record-breaking price of nearly $70 million. The fact that many other well-known artists are jumping on the sector with their own flagship NFTs promises to buff the hyper-growth rate of this sector even more.
NFT Market Capitalization (Source: NonFungible.com)
After the significant expansion in the first quarter, the NFT market has shown signs of stabilizing. However, it is still expected to keep the market's attention in the second half of 2021. According to NonFungible.com's prediction, the market capitalization of the NFT sector can reach $710 million by the end of 2021.
Last modified 3mo ago
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