New report predicts NFTs will explode in popularity during 2021


Canadian-based analytics company NonFungible has released a report predicting that 2021 is poised for “a new Bull Market in the NFT industry.”

Although NFTs have been around since ERC-721 was invented by William Entriken, Dieter Shirley, Jacob Evans, and Nastassia Sachs in January 2018, the sector largely remained an obscurity outside of hardcore crypto circles until the latter part of 2020. The second half of 2020 saw NFT sales increase by 200% to more than $9 million.

However, NFT sales have since risen at an incredible rate with approximately $60 million non-fungible tokens sold in the last 24 hours.

The value of highly-sought NFTs has similarly skyrocketed, with multiple NFT sales garnering more than $1 million each in February so far. On Feb. 22, one collectible in the Cryptopunk series sold for 550 ETH, worth more than $1 million at the time of sale.

Three days earlier, another CryptoPunk sold for 800 ETH with a value of $1.55 million at the time of sale, while another sold four days ago for 650 ETH.

According to the report, the total market cap for project-based NFTs finished was $338 million at the close of 2020. Messari research analyst Mason Nystrom believes this figure could rise to more than $1.3 billion in 2021.

Nystrom noted the art industry has embraced NFTs, driving more than $120 million in sales from conception to December 2020. He also noted great potential in the gaming and collectible categories, emphasizing that critical infrastructure is expected to launch in 2021.

Ethereum NFT project Ether.Cards has designed NFT cards that will randomly be given special utility traits such as reduced platform fees, increased future drop rates, or even shared royalties of the platform’s ongoing revenue. The platform will allow artists to set up raffles, bingos, deathmatches, and other games on their NFTs.

The NBA is arguably the biggest corporation to embrace non-fungible tokens, partnering with CryptoKitties’ creator Dapper Labs to release collectible NFTs in the form of NBA Top Shot “moments” for the past year.

Over the last 24 hours, more than 34,000 people traded the basketball-themed cards on Top Shot’s secondary market, generating for more than $46.7 million worth of trade. Earlier today, one card featuring Lebron James sold for $208,000, according to Cryptoslam.

Several celebrities have also attempted to jump on the NFT bandwagon, with Lindsay Lohan selling an Daft Punk-themed NFT for $15,000.

A Russian “artist” also sought to profit from NFTs earlier today, turning a video of him eating a live bat in front of the European Parliament into an NFT.


Leave a Comment

Your email address will not be published.

You may also like

Bitcoin Business Investment Markets Opinion

Price analysis 2/24: BTC, ETH, BNB, DOT, ADA, XRP, LTC, LINK, BCH, XLM

Institutional investors continue to pour money into the crypto sector even with the current dip below $45,000. On Feb.24, business intelligence firm MicroStrategy announced that it had recently purchased over $1 billion worth of Bitcoin (BTC) at an average rate of $52,765 per coin. This takes the company’s total holding to 90,531 Bitcoin.

Another company that bought Bitcoin during the current market correction is Square. The company said it had acquired roughly “3,318 Bitcoin at an aggregate purchase price of $170 million.”

These purchases by institutional investors show they are bullish on the long-term prospects of Bitcoin and believe that it is a good buy near $50,000.

Daily cryptocurrency market performance. Source: Coin360

While the institutional purchases are a bullish sign, traders must also remember that for every buyer, there is a seller. Glassnode data suggests that Bitcoin whales, holding…

View More Article
Bitcoin Blockchain Business

All of the Federal Reserve’s wire and ACH systems go down

UPDATED 3:20 PM EST: This article has been updated to reflect that all Federal Reserve Bank Services with the exception of Account Services are now back online. 

Nearly all of the services available through the Federal Reserve’s online portal went down for more than an hour today. 

According to the Federal Reserve Bank Services website, the bank is currently experiencing a disruption in its Check 21, Check Adjustments, FedLine Advantage, FedLine Command, FedLine Direct, and FedLine Web services, which started at 6:18 PM UTC today. Its FedACH, Central Bank, FedCash, Fedwire Funds, Fedwire Securities, and National Settlement services went offline at the same time but were restored within two hours.

In addition, most of the access solutions that the Fed offers — FedLine Advantage, FedLine Command, FedLine Direct, FedLine Web, FedMail — were disrupted and later restored, with only FedLine Advantage offline at the time of publication. The FedMail system, which stayed online…

View More Article
Blockchain Business

Canadian bank plans to launch dollar-backed digital currency ‘in the coming months’

In an announcement on Wednesday, VersaBank said it plans to launch a digital currency called VCAD, which will reportedly be backed by Canadian dollars deposited with the bank.

The Canadian bank claimed that VCAD would effectively be “the first digital currency to represent a fiat currency” issued and backed by a North American bank. VersaBank said it had partnered with Canada Stablecorp, a joint venture between investment fund manager 3iQ and blockchain firm Mavennet, to launch the “stablecoin.”

The bank plans to make VCAD available to the public “in the coming months” by issuing the digital currency to its “financial intermediary partners” in exchange for Canadian dollar deposits. Those partners will then reportedly be able to offer VCAD directly to individuals and other businesses.

Stablecorp CEO Jean Desgagne said the digital currency was intended to address “two major shortcomings of the traditional cryptocurrency market,” namely volatility and security. The…

View More Article
Bitcoin Blockchain Business Investment Markets Tech

ETH mining still highly profitable despite upcoming Eth2 upgrade

Ethereum miners continue to enjoy lucrative payouts for their efforts in 2021, while the smart contract blockchain platform edges closer to a move away from its proof-of-work consensus. The past few months have been phenomenal for much of the cryptocurrency space, as the likes of Bitcoin (BTC), Ether (ETH) and various other coins have seen monumental gains in value. The increased volume of transactions and users have also directly benefited the cryptocurrency mining ecosystem.

Ethereum miners in particular have banked serious profits due to the success of decentralized finance projects running on their blockchain. These various DeFi platforms have driven transaction volumes and activity on the Ethereum blockchain, which has led to skyrocketing fees and increased processing times. While end-users have to bear the brunt of increased transaction fees, miners have been smiling all the way to the bank.

As a result, Ethereum miners

View More Article
Blockchain Markets

Chainlink rolls out OCR system upgrade, reducing gas costs tenfold

Chainlink has launched a major upgrade for its oracle network, dubbed Off-Chain Reporting, or OCR. The upgrade was announced on Wednesday, though the implementation has been live for some time already.

OCR changes how data across multiple sources is joined together by the oracle network. Previously, the process of aggregating different readings of the same desired input — for example, a token’s price — was done on-chain. Chainlink nodes would submit their individual readings of the data, which would be verified by a smart contract on Ethereum and other blockchains. This approach, while guaranteeing the reliability of the data, was inefficient in terms of gas costs, as each node would need to spend resources to publish the data.

The new architecture replaces on-chain aggregation with an off-chain consensus round. The aggregated data is then passed on to the blockchain, where a smart contract verifies that a quorum of nodes agreed on…

View More Article
Bitcoin Blockchain Business Investment Markets Tech

Sam Bankman-Fried: The crypto whale who wants to give billions away

Like many people in crypto, Sam Bankman-Fried is in it for the money. As the founder of quant trading firm Alameda Research, exchange FTX and DeFi protocol Serum, the curly haired 28-year-old has amassed a $10 billion fortune in just three years in the industry.

Unlike most people in crypto though, he’s building up a fortune in order to give half of it away. An ‘effective altruist’ he’s essentially robbing from the rich, via his preternatural crypto trading strategies, in order to give to the poor. 

“Maybe without the robbing part,” he says. “In the end my goal is to have as much impact as I can, however that is. And right now, I think that’s flowing through donations, so figuring out how I can be able to make as much as I can and donate as much as I can.”

SBF, as he’s sometimes referred to, has…

View More Article
%d bloggers like this: