[Blockchain Today Reporter Ji-Hye Han] Online investment news and education platform Invezz predicts that the NFT (non-replaceable token) market will maintain rapid growth this year as the demand for digital collectibles steadily increases.
According to Cointelegraph reports, Invez said in a report on the 20th (local time) that by October, the NFT transaction volume is expected to reach $175 million, bringing the industry’s market capitalization to $470 million. The value of the NFT market in 2020 was around $338 million.
According to Invez, the volume of NFT transactions increased by 645% by the first quarter of 2021. This is a big impact from retail adoption of digital collectibles, and it’s been built since CryptoKitties in 2017.
The success of the NFT in recent years is due in part to the expansion of the mainstream choice of digital art, which began with Square CEO Jack Dorsey’s bidding war for his first ever tweet. The number of Google searches for’non-replaceable tokens’ soared from 0 points to 100 points in December. A score of 100 means that your interest in this search term has reached its maximum.
With the cryptocurrency market gaining new momentum in the last quarter of 2020, NFT is ranked among the most successful sectors with exponential growth along with Decentralized Finance (DeFi). The enthusiasm for NFT has led to the world of professional sports and exhibition halls in Europe. Earlier, Beeple’s NFT work’Everydays’ was auctioned for $69.9 million, and it also led to the third largest deal among existing artists.
Invezga’s outlook suggests that the collapse of the cryptocurrency market over the past few days will not have an impact on NFT demand, which is interpreted as meaning that the market situation will improve.