Blockchain-Backed NFT Market Value Grew 299% in 2020 – News Bitcoin News

A report released figures confirming the upward trend in non-fungible token markets over the past year. Two analytics firms behind the studies said the NFT industry grew 299% in 2020.

The total number of active wallets increased by 97%

According to the 2020 NFT report published by L’Atelier BNP Paribas and Nonfungible.com, the total NFT market tripled in the past year, and its total value surged to over $ 250 million.

The research document found that the non-fungible token market can be viewed as a core asset class for what is known as the “virtual economy”.

With these figures, both companies forecast the general introduction of NFTs in the coming years.

Some of the reasons that explain the market surge include global brands’ interests in NFTs. Fashion and luxury brands like Nike, Louis Vuitton, Breitling, and sports brands like NBA and Formula 1 have actively developed NFT-based consumer goods and services.

In terms of the total number of active wallets, the study found it was up 97% from 2020. On the other hand, the total value of all NFT transactions increased from $ 62,862,687 in 2019 to $ 250,846,205 in 2020.

Similarly, Nonfungible.com and L’Atelier BNP Paribas pointed out that the number of buyers and sellers rose from 44,644 to 74,529 (+ 66%) and 25,264 to 31,504 (+ 24%), respectively.

The NFT market could further strengthen the concept of the virtual economy for years to come

Nadya Ivanova, COO and Foresight Lead at L’Atelier BNP Paribas, emphasized that “the lines between virtual and physical world are becoming more and more blurred and we are seeing the rapid growth of virtual economies online, each with a variety of jobs, investments and commercial opportunities . “

She added:

With all the hype surrounding cryptocurrencies, it is non-fungible tokens that power and enable much of the economic activity and use cases within virtual platforms, and they are likely to become both an important asset class and foundation for the virtual economy in the next decade. Investors and brands looking to benefit from the move to virtual activity should first watch the NFT market carefully as it continues to mature and grow.

According to a December 2020 survey by Crypto.com of 29,574 users, 47% of correspondents had heard of NFT and 63% only had a basic understanding of it, while 57% of respondents had never used NFTs.

What do you think of this report on the Non-Fungible Token Market? Let us know in the comments below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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