A report has unveiled figures that confirm the bullish run of non-fungible token markets over the last year. Two analytical firms behind the studies stated that the NFT industry grew by 299% in 2020.
Total Number of Active Wallets Rose by 97%
According to the NFT Report 2020, published by Lâ€™Atelier BNP Paribas and Nonfungible.com, the NFT market tripled in size overall last year, and its total value rose to more than $250 million.
The research document stated that the non-fungible token market could be considered the core asset class for the so-called â€œvirtual economy.â€
With such figures, both firms forecast mainstream adoption of NFTs in the years ahead.
Among the reasons explaining the market boost are global brandsâ€™ interests in NFTs. Fashion and luxury brands such as Nike, Louis Vuitton, Breitling, and sports brands like the NBA and Formula 1 have been actively creating NFT-based consumer goods and services.
Per the total number of active wallets, the study revealed that it grew by 97% over 2020. On the other hand, all NFT transactionsâ€™ total value increased from $62,862,687 in 2019 to $250,846,205 in 2020.
Similarly, Nonfungible.com and Lâ€™Atelier BNP Paribas pointed out that the number of buyers and sellers rose from 44,644 to 74,529 (+66%), and 25,264 to 31,504 (+24%), respectively.
NFT Market Could Keep Bolstering the Concept of Virtual Economy for Years Ahead
Nadya Ivanova, COO and foresight lead at Lâ€™Atelier BNP Paribas, highlighted that as â€œthe boundaries between virtual and physical worlds become ever more blurred, we are seeing the rapid growth of virtual economies online, each offering a diversity of employment, investment, and commercial opportunities.â€
She also added:
Per a survey made by Crypto.com in December 2020 with 29,574 of its users, 47% of correspondents had heard of NFT, and among these, 63% had only a basic understanding about it, while 57% of respondents had never used any NFTs.
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