Overview of the NFT Market
Last updated
Last updated
Once again, the rebellious and inventive world of blockchain technology proves that no skepticism will ever stop it from innovating. Just a few years ago, NFTs were obscure, even seen as cringe-worthy and geeky by some, viewed mainly as digital novelty items. Now, NFTs are continuously entering the market with ferocity, presenting endless opportunities for artists (finally!) and entrepreneurs to monetize their creations. With the non-fungible token (NFT) market now regularly eclipsing hundreds of millions of dollars in monthly trading volume, we can undoubtedly call their entrance into the mainstream market a phenomenal success. Today, everyone needs an NFT, and that isn't going to change anytime soon.
The famous, hundred-year-old Christie's Auction House, Twitter founder Jack Dorsey, a multitude of art collectors willing to spend millions of dollars, and even Lindsey Lohan and other Hollywood stars are just a few of the players entering the NFT space, with more getting involved on a daily basis.
Recent notable highlights within the NFT ecosystem:
Beeple smashes modern digital art sales records and sells his work for $69 million, making him the third highest-paid living artist in the world.
DJ 3LAU sells various NFT-based songs and artwork for approximately $10 million.
Dapper Labs, the company behind CryptoKitties, struck a licensing deal with the National Basketball Association, creating NBA Top Shot, a platform that sells collectible and limited moments using in-game footage. Top Shot has sold more than $250 million worth of digital collectibles in less than a year.
Elon Musk announced that he will be selling a song about NFTs as an NFT. Valuables, the Polygon-powered NFT platform, has already listed his tweet for sale with a current bid of $1.1 million.
Sotheby's, one of the most reputable auction houses in the industry, will host its first NFT auction. According to CoinDesk, the CEO of Sotheby's has announced a partnership that will see the top auction house hold a sale of NFT-based digital artwork from anonymous artist Pak.
...with many more to come.
The numbers also speak for themselves.
With everything currently taking place and with what's planned in the future, the time to get on the NFT wagon is NOW. NFTs are growing at an exponential rate, offering anyone the opportunity to create their own NFTs that they can sell or trade later on, providing tangible value for the buyer and the seller. By combining this process with groups of owners and creators focused on developing and maintaining this vast community, you can achieve even more.
