- The craze for NFTs has reached a remarkable high this year.
- According to DappRadar, NFT trading witnessed a monumental rise this year, soaring from US$100 million in 2020 to US$22 billion in 2021.
- Many artists have flocked to the NFT market to contribute their artwork to the virtual world.
If you have not been living under the rock, you already know that non-fungible tokens (NFTs) are all the rage now. The craze for NFTs has exploded in popularity, thanks to the rise of crypto.
Cryptos are the key to the meta world or virtual world, where you can own digital assets using NFTs.
Let's dive into the world of NFTs to learn more about the factors that influence the market's fate.
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NFT market swells to US$22 billion in value
DappRadar, a firm that tracks sales, recently published a report on the current state of the NFT market. According to DappRadar, NFT trading reached US$22 billion in 2021, up from US$100 million in 2020.
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Inside the NFT market’s meteoric rise in 2021
People are gradually moving towards the meta world, to realise their unfulfilled desires.
Many artists have flocked to the NFT market to contribute their artwork to the virtual world. People, especially the young, are buying NFTs. Without a doubt, the market will expand as more people join the race to collect NFTs.
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