NFTs are booming right now, a recent report suggests that NFTs have made more sales in the past 24 hours than they made in the whole last year.
NonFungible is a Canadian based company. They have released a new report which speculates that the NFT industry is going to reach new heights and generate great profits in 2021.
Dieter Shirley, William Entriken, Nastassia Sachs and Jacob Evans invented the ERC-721 on Jan, 18 and the NFTs have been present since that time. The NFT industry was highly neglected and was considered to be an outcast compared to the mainstream cryptocurrency market before the last quarter of 2020. NFT sales went up to $9 million by an increase of 200% in the latter part of 2020.
This, however, was not the shocking part. The most astonishing news is that NFT sales have skyrocketed in the past 24 hours, showing incredible sales figures for the Non Fungible Tokens, around $60 million.
High Demand and High Sales
The valuation of high in demand, NFTs has risen drastically and with many high-value sales of each more than $1 million so far in Feb. A Cryptopunk series collectable was sold for 550 Ethereum tokens, which at that time were worth over one million dollars.
About three days ago, 800 Ethereum coins were used to purchase a CryptoPunk, which valued at around $1.55 million, and another CyberPunk was sold for 650 Ethereum tokens four days ago.
The report suggests that the market cap of NFTs was recorded at $338 million at the end of 2020. Mason Nystrom, a research analyst from Messari, predicts that these figures could go as high as $1.3 billion by the end of 2021.
The art industry has wholeheartedly accepted NFTs and has recorded more than $120 million in sales from their start to December 2021. The NFTs also has great expectations from industries such as collectable cards, gaming and more. They also expect huge betterments in their infrastructure during 2021.
Ether.cards, a project of Ethereum NFT, has developed new NFT cards which will have various different features distributed randomly, for example, reduced fee, sharing royalties or increased drop rates for the future and so on.