Non-Fungible Token Market Grew by 299% in 2020
A recent study, jointly conducted by NonFungible.com (an NFT market analyst firm) and Foresight Company L’Atelier BNP Paribas, shows that NFT industry grew by 299% in 2020, with total transactions worth more than $250m. According to the report, the active wallets transacting NFT grew by 97% from 112,731 in 2019 to 222,179 in 2020. The study added that, NFT would likely become a major driver of the digital economy and a leader in the emerging asset class in the years ahead.
For the sake of our esteemed readers who do not know what NFTs (Non-Fungible Tokens) are; NFTs are virtual blockchain-enabled assets that are not interchangeable with any other asset and cannot be replicated. This makes NFTs completely unique unlike Cryptocurrencies that can be interchanged with other assets. Examples include programmable art, ownership records for physical assets and virtual land in multi-user platforms. NFTs bridge the gap between the physical and digital economies, offering a huge digital market that can be scaled, traded and collected.
Big brands like Nike, Warner Music, Louis Vuitton and host of others are deploying NFTs to create online games, collectibles and other consumer goods and services. Such consumer goods and services include luxury and fashion brands like Louis Vuitton, Nike and Breitling, setting up virtual fashion products. We also have sports brands like NBA, Turner Sports, F1 and many others, as well as entertainment brands like Warner Music, BBC and others. Just recently, tech giant Microsoft partnered with Enjin (a gaming-based blockchain platform) to launch customizable NFTs.
Nadya Ivanova, COO and & foresight lead at L’Atelier BNP Paribas said:
“As we can see, the boundaries between physical and digital worlds are becoming fuzzy, more rapid growth of digital economies are taking place, each offering a diversity of various economic opportunities, employment and investment”.
“For all we have heard about cryptocurrencies, NFTs are the driving force of all the economic activities within the digital space. Investors and brands can leverage on what NFTs bring to the table to create values, as the industry is growing rapidly.
Dan Kelly, CEO and co-founder of NonFungible.com added:
“The massive growth of the NFT market last year has been historic and quite remarkable. The industry is no longer a speculative one, but a value creation industry that has so much to offer”
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