Non-fungible Token (NFT) Market Explodes with 300% Yearly Growth: BNP Paribas Study

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Last year, the total value of transactions in the Non-fungible token (NFT) sector surged by 299% on a year-on-year basis, reaching over $250 million. 

In a study jointly conducted by NonFungible.com and foresight company L’Atelier BNP Paribas, it was concluded that NFTs are set to become a leading emerging asset class and a major driver of the virtual economy in 2021.

This market niche demonstrated solid, consistent growth, with the total number of active wallets transacting NFTs grew 97%, to 222,179 in 2020. For reference, in 2019, the figure was 112,731.

“The number of buyers and sellers rose from 44,644 to 74,529 (+66%), and 25,264 to 31,504 (+24%), respectively. The number of active wallets accelerated throughout 2020, suggesting even stronger growth ahead in 2021: Q4’s total growth was twice Q3’s, and three times that of Q2.”

The earnings of NFT traders escalated as well, with certain traders being able to generate annual profits of more than $100,000.

Big names and leading companies worldwide — like Nike, Louis Vuitton, and Warner Music, among others — are also experimenting with NFTs by creating online collectibles and games.

NFT NFTs

NFT NFTs

Just recently, tech giant Microsoft collaborated with gaming-based blockchain platform Enjin to launch customizable NFTs. The tokens will be compatible and transferrable with the sandbox-adventure video game Minecraft.

Billionaire Mark Cuban also wants a piece of this digital pie. He launched his first set of NFTs on Rarible for fans or haters alike to purchase. Titled ‘The RollUp 2021,’ the NFT artwork features a GIF of Cuban showing off his stellar dance moves while wearing a Dallas Mavericks tank top. 

Earlier today, BeInCrypto reported that a number of NFT projects were showcased at last week’s ETHDenver hackathon event. The hackathon brings the Ethereum community together and allows developers to showcase new projects, some of which end up integrating themselves into the Ethereum (ETH) ecosystem.

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Ana became a translator and reporter at Cointelegraph in mid-2017 and now runs the Feature Desk at BeInCrypto where she develops stories and manages a passionate team of writers. Not so enthused about market news, she is more inspired by technology and its impact on society. Prior to that, Ana worked as a business reporter at a major news publication in Moscow, and at the Russian Space Agency, tracking misappropriation of state resources for space exploration programs.

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