Cointelegraph research report: NFT revenues reach $ 17.7 billion in 2021

Would you believe me if someone told me in 2010 that virtual emojis, digital artwork, and Twitter avatars would sell for hundreds of thousands of dollars?

Simply put, these are non-fungible tokens (NFTs). With the backing of cute kittens and pixelated avatars, NFTs have pushed blockchain into unsold territory. It may sound like a trivial product speculation, but in reality, the future of the tech industry is unknown. NFT stands for change. Blockchain technology is now used to represent off-chain assets.

To better understand the expansion and growth of NFTs, the Cointelegraph research team explored this new area and presented these results in their new publication, "Non-homogeneous Tokens: A New Field".

This article explores the history and evolution of NFTs, how NFTs are stored, traded, and traded, how fake NFTs and which platform to choose, how the NFT industry works and how to create value, which is exciting new NFT businesses and how to find NFTs. blanket. How many policies, the cost of the energy used to build and market DTVs, and the future of this new market.

Né de NFT

Bitcoin pioneer Hal Finney first mentioned the early days of NFT in 1993. It was called a “crypto trading card”. During a panel discussion, Finney spoke of skepticism, buy-in and follow through. These ideas are now at the heart of NFTs.

The concept of NFT didn't improve much until 2012, when Yoni Assia wrote "Colored Bitcoin", which eventually became "Colored Coins". The coin is designed on top of the Bitcoin blockchain to create anti-fungible tokens that represent global assets such as real estate, commodities, and contracts.

One of the first iterations of NFT, “Quantum,” was premiered by Kevin McCoy and Anil Dash in 2014 and is housed in a new museum in New York City. In 2015, the first Ethereum-based NFT was called Etheria and was introduced by Devcon 1. This is generally considered to be the first true NFT.

The term "NFT" appeared in 2017. Although little known at the time, two major NFT projects were launched in 2017: CryptoPunks and CryptoKitties. The same year, the first NFT products are marketed by Propy. This is the first wave of popular NFT to synchronize with the cryptocurrency trading cycle.

open company

NFTs have become a fast growing industry that grows every year. For example, sales have grown 60-fold in three and a half years, from $ 41 million in 2018 to $ 2.5 billion in the first half of 2021.

Although compared to 2020 this is very good growth. Total revenue in 2020 was $ 340 million, and in 2021 sales topped $ 9 billion, more than 25 times, according to data from Ethereum NFT's NonFungible.com.