When blockchain technology was founded, the only thing Satoshi Nakamoto offered was decentralization. The technology he offered was for the well-being of the individuals, aiming for them to offer the ability to keep their information safe and protected.
Like the central institutes, the individuals on the blockchain platforms were not required to share their personal or financial details with central bodies. However, things were just getting started for blockchain technology and more innovations were underway.
With the passage of time, blockchain technology has continued growing advanced and has morphed into something completely different from its roots. Now, the sector is home to several other kinds of services and utilities for the cryptocurrency community.
Although the crypto-blockchain technology had been around since 2009, the year 2020 truly set the entire crypto-verse into motion. By the end of 2020, the cryptocurrency sector was achieving one milestone after another. Among several sub-branches within the cryptocurrency sector, there are cryptocurrency mining, cryptocurrency trading, DeFi, and NFT sectors that are on top of cryptocurrency trends.
As the year 2021 began, several sub-branches within cryptocurrency technology found their break. Out of these major technologies was the nonfungible token (NFT) space. Although the technology had been around for a while, it didn’t gain mainstream adoption until 2021.
That was the time when the nonfungible token sector picked up the pace and it made its way to different sectors on a global scale.
It is quite surprising to see that at the beginning of 2021, the NFT sector had trades around a few million. Surprisingly, in the month of August, the total trading volume achieved by the NFT space was over $1 billion. This was a promising spectacle for the entire cryptocurrency industry as NFT space had introduced so many sub-categories too good to ignore for investors.
The NFT artworks are the most prominent and extremely popular in the entire NFT-space. Since the beginning of 2021, the NFT artwork space has generated millions of dollars. Even major auction houses such as Christie’s Auction House and Sotheby’s Auction House have started hosting NFT auctions.
Among the major NFT artworks, the most expensive NFT artwork was the “Everydays – The First 5000 Days”. It reportedly auctioned for a total of $69.35 million.
The second NFT artwork is CryptoPunk #7523, which reportedly sold for $11.75 million. The third NFT artwork was Crossroad #1/1, which sold for $6.6 million. The fourth NFT artwork was CryptoPunk #7804 that sold for $18.12 million. The fifth NFT artwork was CryptoPunk #3100 that sold for $18.12 million as well.
One of the highly adopted nonfungible token technology is the music NFTs. These NFTs work like the fan tokens that the fans can acquire in order to gain access to all kinds of content made available by the developers. These nonfungible tokens offer fans the opportunity to acquire musical content for their favorite celebrities. The fans can also gain access to unique and special content developed for them. They can even get the opportunity of interacting with their favorite celebrities. As of now, the most prominent music industry is K-Pop that has been adopting NFTs on a large scale.
The in-game NFTs are currently the most demanded in the NFT space. These NFTs have been linked with the metaverse as well as other gaming spaces. The players have the ability to acquire nonfungible tokens by participating in different gaming activities. They can also purchase and sell NFTs to generate money and funds for themselves. The nonfungible tokens sector is constantly growing in size and it is going to grow even larger with the passage of time.
Even more nonfungible tokens have been introduced in different kinds of industries where the sports NFTs are on top of the list. Even more sectors from around the world are adopting the NFT technology, aiming to benefit from it the most.
As of now, the overall valuation of the entire NFT sector is over $64 billion. As for the trading volume, it is over $12 billion ever since the launch of the NFT industry.