Bitcoin News and Finance
Blockchain-Backed NFT Market Value Grew 299% in 2020 Skip to main content

Blockchain-Backed NFT Market Value Grew 299% in 2020

Blockchain-Backed NFT Market Value Grew 299% in 2020

A report has unveiled figures that confirm the bullish run of non-fungible token markets over the last year. Two analytical firms behind the studies stated that the NFT industry grew by 299% in 2020.

Total Number of Active Wallets Rose by 97%

According to the NFT Report 2020, published by L’Atelier BNP Paribas and Nonfungible.com, the NFT market tripled in size overall last year, and its total value rose to more than $250 million.

The research document stated that the non-fungible token market could be considered the core asset class for the so-called “virtual economy.”

With such figures, both firms forecast mainstream adoption of NFTs in the years ahead.

Among the reasons explaining the market boost are global brands’ interests in NFTs. Fashion and luxury brands such as Nike, Louis Vuitton, Breitling, and sports brands like the NBA and Formula 1 have been actively creating NFT-based consumer goods and services.

Per the total number of active wallets, the study revealed that it grew by 97% over 2020. On the other hand, all NFT transactions’ total value increased from $62,862,687 in 2019 to $250,846,205 in 2020.

Similarly, Nonfungible.com and L’Atelier BNP Paribas pointed out that the number of buyers and sellers rose from 44,644 to 74,529 (+66%), and 25,264 to 31,504 (+24%), respectively.

NFT Market Could Keep Bolstering the Concept of Virtual Economy for Years Ahead

Nadya Ivanova, COO and foresight lead at L’Atelier BNP Paribas, highlighted that as “the boundaries between virtual and physical worlds become ever more blurred, we are seeing the rapid growth of virtual economies online, each offering a diversity of employment, investment, and commercial opportunities.”

She also added:

For all the hype around cryptocurrencies, it is non-fungible tokens that are driving and enabling much of the economic activity and use cases within virtual platforms, and they are likely to become both an important asset class and a foundation for the virtual economy in the next decade. Investors and brands that want to capitalize on the shift to virtual activity should start by paying close attention to the NFT market as it continues to mature and grow.

Per a survey made by Crypto.com in December 2020 with 29,574 of its users, 47% of correspondents had heard of NFT, and among these, 63% had only a basic understanding about it, while 57% of respondents had never used any NFTs.

What do you think about this report on the non-fungible token market? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory