NFT Market Overview
NFT market overview
People have had an interest in collecting things for ages. According to Forbes, the capitalization of this market has equaled $370 billion worldwide in 2016. But the collectibles market faced serious changes even before the introduction of blockchain. First of all, eBay has taken trading to a new level, making it a lot easier to exchange things for collectors located in different corners of the Earth. Then, online gaming has offered a new group of items to collect — digital artifacts. This was a booming market way before the introduction of crypto collectibles. So there is no surprise that once blockchain-powered games with non-fungible tokens have been introduced, game artifact collectors as well as standard gamers quickly turned their attention to this new, more reliable alternative. ‍
The best current estimates show that NFT sales volume including multiple blockchains and "off-chain" transactions put the total 2021 sales volume at $13.2 billion, with $10.7 billion in the third quarter of 2021 alone - up more than eightfold from the previous quarter (source: DappRadar).
Gaming-related NFTs have also surged, with the blockchain-based game Axie Infinity leading the play to earn sector with $776 million (roughly Rs. 5,780 crores) in Q3 revenues, DappRadar said. And this is only the beginning, as it will be the next big thing in the NFT market.
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