New Reports Show NFTs Will Skyrocket In Popularity In 2021

A few new reports show NFTs will skyrocket in popularity this year and we will see even more NFT sales soon, even more than their entirety of last year so let’s read more in our latest crypto news.

The Canadian-based analytics company NonFungible’s new reports show 2021 is poised for another, the stronger bull market in the NFT industry. Although the non-fungible tokens were around since ERC721 was invented by William Entriken, Jacob Evans, Natassia Sachs, and Dieter Shirley in 2018, the sector was still outside of the hardcore crypto circles until the latter part of 2020. In the second half of last year, NFT sales increased by 200% to more than $9 million.

However, NFT sales increased at a huge rate with $60 million non-fungible tokens selling in the past 24hours. The value of the NFTs skyrocketed as well with many of them garnering more than $1 million each February so far. One collectible in the Cryptopunk series sold for 550 ETH which was worth more than $1 million at the time of the sale. Three days earlier, another one was sold at 800 ETH with a value of $1.55 million at the time of the sale. According to the report, the total market cap for projected NFTs finished was set at around $338 million at the close of 2020. Messari research analyst Mason Nystrom thinks that this figure will rise to more than $1.3 billion in 2021.

Nystrom noted that the art industry embraced these NFTs and made about $120 million in sales since December. He also noted that there’s some strong potential in the gaming and collectible categories, emphasizing that critical infrastructure is expected to launch in 2021. ETH NFT project Ether.Cards designed NFT cards that will be given a special utility like reduced platform fees shared royalties and future drop rates. The platform will allow artists to set up bingos, raffles, and deathmatches as well.

NBA is also the biggest corporation to embrace NFT as it partnered with CryptoKitties’s Dapper Labs to release collectible Nonfungible tokens in the form of an NBA top Shot moment for 2020. Over the past 24hours, more than 34,000 people traded the basketball-themed cards and garnered more than $46.7 million worth of trade. One card featuring Lebron James sold for about $208,000. A few celebrities tried to jump on the NFT train with Lindsey Lohan selling a Daft Punk NFT for $15,000.