From the digital land to the digital art, a new comprehensive study indulges in the flourishing market of the non-fungible tokens. A recent report about the exploding stock market of NFTs indicates that the transactions have increased three-fold in the year 2020 and has successfully managed to reach over $250 million. As known that the NFT is present in the blockchain of Ethereum.
Upward Journey For Ethereum
The non-fungible tokens are a unique kind of digital assets that exist on the ETH blockchain and can become anything including BBC promoted trading cards like Dr. Who or the Ubisoft tokens of Raving Rabbids or simply luxurious art objects.
The biggest sale till today is a group of plots of digital land that was sold for almost $1.5 million for the Axie Infinity blockchain game last week.
There was an extraordinary growth in the market last year that was helped by the expanding use cases, more number of buyers than sellers as well as thousands of traders creating a profit of 6 digits. This news was released by L’Atelier which is the leading NFT analysis company.
Dan Kelly, the NFT CEO, has recently stated that 2020 was a historic year in terms of the growth of NFT on the Ethereum blockchain. In addition, the booming growth of various use cases, projects, and communities since the past year has been a very exciting phenomenon.
The total figure of the transacting active wallets for NFT has increased by 97%. The sales of virtual assets like land have been the largest sector in the market since the entire sales were almost 25%.
This Ethereum blockchain token is growing due to the online activities since the pandemic where people spent more time in the virtual world.
