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

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

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

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

© 2021 Kalkine Media Inc

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?

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