• NFT Revenue in 2021
• NFT growth is Visible
• Metaverse major part in NFT growth

Crypto users knows that the non-fungible token space was one of the best performing crypto niches last year, a new report from Nonfungible, an NFT data company reveals the extent of the growth.

For clarity, Nonfungible is the world’s largest data resource.  Users will be able to navigate through this highly volatile market with confidence.

NFT Revenue in 2021

According to the report, the space recorded revenues of over $ 17 billion, an increase of 21,000% compared to 2020, when trade volume was only $ 82 million. L’Atelier, the research firm that conducted the actual research, reported that the total trading volume of NFTs was $ 17.6 billion.

Beginning as digital art in 2021, NFT has been expanded a lot. The concept had to include avatars, gaming items, collectibles, and more.

NFT growth is Visible

This record growth became even more apparent when Beeple sold the NFT for $ 69 million and made him one of the most expensive artists alive. The space has also helped grow collections such as the Bored Ape Yacht Club, which has established itself as a cult figure in the new space.

The information available shows that Nonfungible.com has one of the most conservative estimates of NFT trading volume in 2021. Chainalysis previously predicted that the volume of this space would be around $ 40 billion.

However, the company’s co-founder Gauthier Zuppinger said the difference was due to the methodology, saying that his company focused only on legitimate transactions and ruled out any wash trading or transactions involving bots.

Metaverse Major Part in NFT Growth

Another factor that aroused interest in NFTs last year was the Metaverse. Interest in NFTs and Metaverse soared to new heights after Facebook announced a new name as Meta and is now focused on bridging the gap with the virtual world.

• Digital Lands and other Metaverse projects sold for $ 514 million,
• Gaming NFTs with sales of $ 5.2 billion,
• Collectibles still had the highest trading volume of $ 8.4 billion.

As the volume of transactions increased, so did the market entry. The number of wallets that purchased NFTs in 2021 ranged from 75,000 to 2.3 million in 2020.

However, recent data show that the recent hacks that OpenSea has received seem to have diminished its enthusiastic interest in space. According to CryptoSlam, the trading volume of some of the top NFT projects has dropped significantly over the last 30 days.