The goal of NFT sales is to set a record of $17.7B in 2021: Cointelegraph Research report

In 2010, if someone told you that Internet memes, digital artwork, and Twitter avatars would sell for hundreds of thousands of dollars, would you believe it?

Well, in short, these are irreplaceable tokens or NFTs. NFT is pushing the blockchain into uncharted territory on the backs of cute kittens and pixelated punks. What seems to be shrouded in speculation about meaningless collectibles is actually a haze of financial technology innovation. NFT represents a turning point. Blockchain technology is now used to represent assets outside the chain.

In order to understand the thriving and fascinating world of NFT, the Cointelegraph research team delved into this new field and presented the research results in the latest report “Nonfungible Tokens: A New Frontier”.

This report covers the history and development of NFTs, how NFTs are stored, traded, and exchanged, how to forge NFTs and what platforms to choose, how the NFT market works and how prices are formed, and how to find exciting new NFT projects. How jurisdictions are regulated, how much energy is used in creating and trading NFTs, and what is waiting for the future of this emerging market.

Download the full report here, including charts and infographics.

How it all started

Bitcoin pioneer Halfini first Mention Early version of NFT in 1993. He called them “crypto trading cards.” In a forum discussion, Finney talked about definable scarcity, exclusive ownership and provenance. These concepts are now at the core of every NFT.

The idea of ​​NFT until Yoni Assia in 2012 wrote Regarding “colored bitcoins”, it eventually became “colored coins”.Built on the Bitcoin blockchain, colored coins create Semi-homogeneous tokens should represent real-world assets such as real estate, commodities, and bonds.

One of the earliest NFT iterations “Quantum” was created by Kevin McCoy and Anil Dash in 2014 and exhibited in the New Museum in New York City. In 2015, the first NFT based on Ethereum was called Etheria roll out On Devcon 1. This is largely considered the first truly irreplaceable token.

The term “NFT” Appeared In 2017. Although little known at the time, two very important NFT projects, CryptoPunks and CryptoKitties, were launched in 2017.In the same year, the first NFT house was Sell Through Prop. This marks the first wave of NFT popularity that is synchronized with the crypto market cycle.

Market growth

NFT has become a booming market and it is expanding year after year.For example, sales have Grown up From 41 million U.S. dollars in 2018 to a staggering 2.5 billion U.S. dollars in the first half of 2021, it has increased by 60 times in three and a half years.

Even compared with 2020, the growth is amazing. According to data from NonFungible.com on Ethereum NFT, total sales in 2020 reached 340 million U.S. dollars, and sales so far in 2021 have exceeded 9 billion U.S. dollars, an increase of more than 25 times.