Not cryptocurrency or blockchain, NFT is the word of the year!

2 min read | November 25, 2021 06:58 PM AEDT | By Raza Naqvi

Google News:

Not cryptocurrency or blockchain, NFT is the word of the year! — Image source: © 2021 Kalkine Media Inc.

Recent News

Caught in the Tug-of-War: Investing in Oil and Gas During the Energy T...

LNG Market Developments Across ASX 100 Energy Companies

Quality Mid-Cap Framework Across ASX 100 Market Leaders

Exploring ASX 200 Mid-Cap Companies and Market Trends

Make Kalkine Media
My Trusted Source

Highlights

In March this year, graphic designer Mike Winkelmann, who goes by the name of Beeple, sold an NFT for US$ 69.3 million.

In 2020, 'lockdown' was chosen as the word of the year as the countries closed their borders due to the COVID-19 pandemic.

Twitter boss Jack Dorsey converted his first tweet into an NFT and sold it for an impressive US$ 2.9 million.

As the rapidly evolving blockchain technology and cryptocurrency industry gained momentum throughout the year, one digital asset that stood out was a non-fungible token or NFT.

Notably, the Collins Dictionary has announced NFT as 'Word of the Year' for 2021 and defined it as a unique digital certificate registered on a blockchain. The dictionary further describes an NFT as proof of ownership.

In 2020, 'lockdown' was chosen as the word of the year as the COVID-19 pandemic forced countries to close their borders and imposed lockdowns to make people stay indoors.

Also Read: Thanksgiving & NFTs – Macy’s, Martha Stewart join the craze

In March this year, graphic designer Mike Winkelmann, who goes by the name of Beeple, sold an NFT for US$ 69.3 million.

Due to blockchain technology, Mike Winkelmann will get money every time his art changes hands. After every sale, Mr. Winkelmann will get 10 per cent of the selling price.

All you need to know about non fungible token

Notable NFT transactions

Twitter boss Jack Dorsey converted his first tweet into an NFT and sold it for an impressive US$ 2.9 million. In March 2006, Mr Dorsey had tweeted "just setting up my twttr", and it was bought as an NFT by Sina Estavi from Malaysia.

In the third quarter of this year, the trading volume of non-fungible tokens reportedly surged to US$ 10.67 billion, reflecting a quarter-over-quarter (QoQ) increase of 704 per cent.

Bottom line

According to a Markets and Markets report, the blockchain market size was valued at around US$ 4.9 billion in 2021 and it is expected to reach US$ 67.4 billion by 2026. During the forecast period, the market will likely register a compound annual growth rate of 68.4 per cent.

As the blockchain market is expected to grow rapidly, NFT's popularity could soar in future as well.

Also Read: What does ‘fungible’ in NFTs mean?

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.