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The Rise of NFTs | Footprint Analytics Annual Report 2021


Whereas the idea of NFTs has been round since 2014, they have been largely underneath the radar till final yr, once they all of a sudden commanded headlines all over the world. Simply as DeFi introduced capital into the crypto market, NFTs are bringing individuals in—with puzzling paintings, profitable video games, and even some sensible use instances.

What’s an NFT?

NFTs, or non-fungible tokens, are distinctive, non-splittable tokens that may symbolize possession of a digital asset in a decentralized method. Their inherently counterfeit-proof nature, and the transparency of the transaction course of, makes them a landmark web innovation.

What Occurred in 2021?

Final yr was a wild trip for NFTs as they first gained consideration from crypto lovers then institutional buyers. Let’s have a look at NFT information from 2021 to see which initiatives carried out the most effective.

Footprint Analytics - Quarterly Trading Volume and Traders Before 2022
Footprint Analytics – Quarterly Buying and selling Quantity and Merchants Earlier than 2022

Based on Footprint Analytics, the cumulative buying and selling quantity of NFTs was $21.5 billion by the tip of 2021, in comparison with $120 million earlier than 2021, a 200x bounce in cumulative buying and selling quantity. The variety of merchants has additionally doubled from lower than 1.3 million to 65.4 million by 2021, a 50x improve.

Footprint Analytics – NFT Month-to-month Buying and selling Quantity by Initiatives in 2021
  • In Q1 and Q2, NFTs Began Rising with Adoption by Sport Leagues, Artists and Celebrities 

In February, Dapper Labs’ NBA Prime Shot offered video highlights as NFTs, producing $226 million, greater than all the NFT market over the earlier yr. This made crypto buyers from different classes discover.

Footprint Analytics - NBA Top Shot Trading Volume & Trader in 2021
Footprint Analytics – NBA Prime Shot Buying and selling Quantity & Dealer in 2021

On March 11, Beeple offered his digital work, First 5000 Days, for $69 million in a Christie’s public sale, the third largest single public sale for a dwelling artist.

BEEPLE NFT ART

On March 23, Twitter CEO Jack Dorsey’s first tweet from 2006 offered for over $2.9 million as an NFT, additional driving the growth.

Different avatar initiatives, like Larva Labs’ 2D CryptoPunks and 3D Meebits, have gained recognition within the media and among the many common public.

  • In Q3, GameFi Began Dominating the NFT House

Axie Infinity, the unique breakthrough play-to-earn blockchain recreation, reached a transaction quantity of $1.8 billion in August, a 1,500% improve in comparison with January 2021, with 2.8 million merchants.

Footprint Analytics - Axie Infinity Trading Volume & Trader in 2021
Footprint Analytics – Axie Infinity Buying and selling Quantity & Dealer in 2021

Maybe extra extremely, the value of the sport’s token, AXS, bucked all identified crypto developments and broke away from the value actions of BTC. 

Footprint Analytics - AXS Price
Footprint Analytics – AXS Value

The buying and selling quantity of Artwork Blocks, a generated artwork mission, additionally reached an all-time excessive of $587 million in August, and the variety of merchants exceeded 20,000. It has since grow to be the biggest NFT artwork mission by way of gross sales.

Footprint Analytics - Art Blocks Trading Volume & Trader in 2021
Footprint Analytics – Artwork Blocks Buying and selling Quantity & Dealer in 2021

To outsiders, Loot would appear just like the strangest instance of a breakout NFT mission. In contrast to most others, which promote tokenized photographs, Loot NFTs consists of 8 strains of textual content that spell out randomly generated items of fantasy adventurer gear—warfare hammers, dragonskin belts, amulets, and so on. There’s but no recreation playable the place house owners can apply these to. 

Footprint Analytics - Loot Trading Volume & Trader in 2021
Footprint Analytics – Loot Buying and selling Quantity & Dealer in 2021

Bored Ape Yacht Membership (BAYC) turned significantly common amongst celebrities. In August, NBA star Stephen Curry paid $180,000 for a Bored Ape. Different house owners embody Jimmy Fallon, Logan Paul and Shaquille O’Neal.

Footprint Analytics - BAYC Trading Volume & Trader in 2021
Footprint Analytics – BAYC Buying and selling Quantity & Dealer in 2021
  • In This fall, Metaverse Actual Property Grew to become Treasured

On Oct. 28, Fb introduced that it could change its identify to Meta and go all-in on the metaverse. 

This challenged the general public’s creativeness, inflicting individuals to begin speculating concerning the future worth of digital actual property. By the tip of 2021, an increasing number of funding firms started shopping for land in digital worlds like The Sandbox and Decentraland. On Nov. 23, a chunk of digital land was offered for $2.43 million in Decentraland.

vFootprint Analytics - The Sandbox Trading Volume & Trader in 2021
Footprint Analytics – The Sandbox Buying and selling Quantity & Dealer in 2021

NFT 2021 Abstract: Many Booms With Little Staying Momentum 

Collins Dictionary named NFT the 2021 Phrase of the Yr. 

It’s true that worth explosions in a number of NFT subcategories drew vital consideration to this rising digital expertise. Nonetheless, none of them managed to maintain momentum for quite a lot of months, after which buyers discovered a brand new promising area of interest, and buying and selling quantity dropped within the earlier.

How Will NFTs Evolve in 2022?

  • Extra Industries and Manufacturers

Within the second half of 2021, many manufacturers started to take part within the NFT market, together with Nike, Adidas, Budweiser, and Disney. It’s possible that extra manufacturers and corporations will take part.

  • Creators Will Deal with Fixing Actual Issues

NFTs are nonetheless a really younger space of the crypto business. Because the buying and selling quantity, asset liquidity, and the variety of new customers broaden—together with Net 3.0 infrastructure—creators will work to unravel real-world issues corresponding to copyright claims and digital asset validation. 

  • NFTs Will Complement Actual Property

Some progressive firms have already began utilizing blockchain expertise to difficulty tangible property on-chain for a bunch of causes. For instance, music NFTs are beginning to change how artists revenue from their work. 

Advantages for CryptoSlate Reader

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Date & Writer: 14th Jan, 2022, [email protected]

Information Supply: Footprint Analytics – 2021 NFT Annual Report Dashboard 

This text is a part of our Yr in Assessment collection.

What’s Footprint Analytics?

Footprint Analytics is an all-in-one evaluation platform to visualise blockchain information and uncover insights. It cleans and integrates on-chain information so customers of any expertise stage can shortly begin researching tokens, initiatives and protocols. With over a thousand dashboard templates plus a drag-and-drop interface, anybody can construct their very own personalized charts in minutes. Uncover blockchain information and make investments smarter with Footprint.

Posted In: Evaluation, NFTs

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