Data revealed by analytics platform NonFungible shows that trading volume in the NFT market grew by 21.350% in 2021.
Over the past year, the NFT market has seen exponential growth, surpassing $17.690 billion in transactions. Digital artwork, sports and gaming crypto collectibles have driven up interest and demand for this type of digital asset.
In his report "Yearly NFT Market Report 2021”, the market data and analysis platform blockchain and NFT NonFungible indicates that, last year, the trading volume of the NFT market increased by 21.350% compared to the figures for 2020; the year in which the market for non-fungible tokens moved just $82 million in volume. NonFungible considered transactions from NFT sales, as well as non-fungible token reproduction, minting, and rental to calculate trading activity volumes. In total, the platform noted that 15,71 million NFTs were created in 2021.
Source: NonFungible
In this context, NFT collections, such as CryptoPunks and Bored Ape Yacht Club, were among the most traded in the NFT market during 2021, but who really dominated the world of NFTs and the market was blockchain game Axie Infinity, with a trading volume of nearly $3.500 billion. Axie Infinity has more than 3 million registered users worldwide, making it one of the most popular digital games today. In February, they announced a strategic partnership with Bit2Me, which would make them their go-to exchange in Spain, Portugal, and Latin America.
It may interest you: Manage your AXS in Bit2Me
NFT market figures
The NFT market cap also increased significantly in 2021, as did the number of smart contracts and the number of active unique wallets. According to data from NonFungible, by 2021, the market capitalization of NFTs exceeded $16.890 billion, up 440% from 2020.
The number of active contracts grew by 400%, reaching a total of 10.017. By 2020, there were only 2.000 smart contracts related to NFTs. As for the number of unique active wallets participating in this market, the increase was more than 1.800% over the past year. The total number of active wallets from which transactions for buying, selling, storing and exchanging NFTs were made grew from 89.061 in 2020 to more than 2,5 million in 2021, the platform explained.
As for the number of NFT buyers and sellers, there was an increase of 2.962% and 3.669%, respectively.
Source: NonFungible
473 wallets won more than $1 million
The NFT frenzy of 2021 created unique opportunities to capitalize on the speculative nature of the market and make significant profits, NonFungible analysts explained. Thus, over the past year, a total of 473 active NFT wallets generated more than $1 million in profits from trading and trading these digital assets.
The total revenue generated by all participants in the NFT sector reached $5.400 billion. However, as the platform points out, with just 2,5 million active unique wallets, the NFT market is still far from mass adoption.
Finally, another important piece of data revealed by NonFungible’s report is the holding time of NFTs. Compared to 2019 and 2020, the average ownership time of these digital assets decreased by 69%, an indication that NFTs are being traded and exchanged faster.
Continue reading: Axie Infinity Adjusts Market Fee to Support New Creator Incentive Program
