Nonfungible Tokens: A New Frontier
November 2021 - Cointelegraph Research
NFT, DeFi, Decentralized Finance, Nonfungible Tokens, Ethereum, GameFi, Metaverse
Cointelegraph Research presents the “Nonfungible Tokens: A New Frontier” report, which discusses one of the main topics of 2021 and one of the centrepieces of the current cryptocurrency market landscape.
This report covers:
Creation of NFTs
Pricing and Valuation
Regulation and Challenges
Elevated interest in NFTs coincided with the overall bull market in 2021, leading to over $9 billion in sales on Ethereum so far this year. Total sales this year are expected to achieve at least $17.7 billion by the end of the year as new traders enter the market.
As the NFT market continues to develop and thrive, a complete ecosystem has evolved, comprising infrastructure, DApps and marketplaces. The number of NFT projects has been growing extensively over the last three years:
Figure 1 / Number of NFT Projects on Ethereum
Source: Cointelegraph Research, *CAGR calculated on data from NonFungible.com from January 1, 2018, to August 31, 2021
The collectibles and art NFTs dominated in 2021 with a 91% sales volume share. Nevertheless, games, virtual worlds and other NFT-related markets are still thriving, with multiple projects launched in the recent past:
Figure 2 / Major NFT DApps
Source: Cointelegraph Research