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NFT Market — Numbers and Growth Expectations (2022)
When cryptocurrencies were introduced, it was a whole new concept for the masses. This unique concept was introductory as many developments came right after the advent and as a result as soon as technology advanced, the development in the field took a high flight. Just like the cryptocurrencies an additional concept that came from somewhere in the market came to know by the name NFT. the complete form of NFT is non-fungible tokens and like the economic value of crypto assets, it also has some monetary value associated with it. If you’re new to the Bitcoin trading market and want to learn more, check out a complete guide to the Bitcoin trading market.
There is a complex algorithm attached to it and as a result, is considered the derivative of the cryptocurrencies. NFT is gaining popularity day to day and is constantly adding many new customers with every day passing by. With the increase in popularity, people expect more from the point of its value, growth, and many related figures. In this article, we will discuss these facts and numbers expected from NFTs in the current year of 2022. So, let us start the journey.
NFT- The universe
NFT means non-fungible tokens and has its roots related to the Ethereum blockchain. These are considered the derivatives of Ethereum cryptocurrency and are thus using the features of Ethereum and its features. As the value of ethereum is following a sinusoidal wave curve in the market, it can be said that NFT will also follow the same. The value of NFTs is directly or indirectly related to that of values from Ethereum trends. The market conditions are favoring NFTs and this can be estimated from the fact that anyone who has invested in Ethereum and NFTs has gained in one way or another.
The growth of the universe
NFT started its journey in the year 2021. Though, the year 2021 was not much good for it, as much as many shares fell from around 95% to 80%. Thus, there was a fall in share prices causing huge losses to the market chain but as soon as the market favored it back, everything went back to normal. The gains were normal as well as abnormal and there were chances when the users experienced opportunity gains as well. In the year 2021, the market valuation of NFT revealed that the NFT holds around $40 billion in the dollar market which is a huge share. Not only the market holders, but those who are miles away from it are launching their NFTs in the form of art, podcasts, and audio tapes. The emojis that look simpler to us are valued at millions of billion lions in the crypto market.
Figures and numbers in the NFT market
Many individual transactions happen during the day in the crypto market. The most popular platform for trading NFT called OpenSea witnessed a sale of around 15 billion dollars in 2021. The other platforms when asked about numbers also relate to the same. Thus, there is no doubt that NFTs are doing well in the market.
Hope from the NFT market
The digital market is highly volatile which prevents from making any predictions. If anyhow, one makes the prediction based on the current data, that prove useless due to constant updating of the same. One can only hope for the same and according to analysts, the hope is quite positive both for Ethereum and ultimately NFTs. The sine wave is working and taking the peak at good returns for the returns made. Also, saturation is on the verge and can be witnessed from the dip in the bitcoin market. Ethereum is far from this and can be taken as a positive for growth.