The year 2021 is coming to an end, and PanoramaCrypto has created a special list of landmark moments worth remembering. Not even bitcoin’s rise to US$ 69,000 has drawn as much attention in the crypto market this year as a term that seems strange to those who have never heard of it: NFT.
The acronym NFT has become a real fever and stands for the term non-fungible token in English, which has opened up a new niche market.
From works of art to soccer players, NFTs have created a new class of digital assets.
More than US$ 11 billion in transactions
A survey of market transactions shows that in the first quarter of this year alone, NFTs were responsible for trading US$ 508.9 million in the crypto market.
This number jumped to US$ 754.3 million in the second half of 2021, a significant growth of 48.2% in the first half.
Compared to the third quarter of 2021, transactions with NFTs between April and June are practically minimal. In the latest data presented on the market for non-fungible tokens, these digital assets moved US$ 10.7 billion between August and September, and this number could be even higher by the end of the year
The trading volume of non-fungible tokens skyrocketed in the third quarter[/caption]
A US$ 69 million token
The term NFT has become popular worldwide and has gone far beyond the crypto market. The fever for non-fungible tokens has even yielded a word of the year title via Collins Dictionary.
With an 11,000% increase in search engine searches in 2021, the abbreviation NFT was the term chosen by the dictionary as “the word of the year” due to its popularity on the internet.
A work called “Everydays: the First 5000 Days”, was turned NFT and traded for US$ 70 million, a record for the highest value ever achieved by a piece of digital art.
“Everydays: the First 5000 Days” is the world’’ most expensive NFT (Reproduction)[/caption] caption
1,000 utilities for NFT
The game uses non-fungible tokens (Reproduction/Axie Infinity)[/caption]
NFTs are also present in the gaming industry that uses blockchain technology for cryptoasset rewards systems known as play to earn, attracting millions of players, as is the case with Axie Infinity.
Game uses non-fungible tokens (Reproduction/Axie Infinity)
What would the Facebook metaverse be if it weren’t for NFTs? Non-fungible tokens are also part of all the trends relating to the crypto market in 2021 and foreshadow the social network’s move into the metaverse.
Virtual worlds created through blockchain technology are already a reality in the crypto market. Recently, a virtual land in NFT of the Decentraland metaverse was sold for US$ 2.4 million, with payment in cryptoassets.