MARKET OVERVIEW

The NFT (non-fungible token) market has experienced explosive growth in recent years. One current trend in the NFT market is the increasing popularity of digital art, music, and other digital assets being sold as unique, one-of-a-kind NFTs. Additionally, the market has seen a rise in celebrity and athlete NFTs, as well as the emergence of NFT-based gaming and virtual real estate. Several factors have contributed to the growth of the NFT market. Firstly, the increasing adoption of blockchain technology has made it easier to verify ownership and authenticity of digital assets. Secondly, the COVID-19 pandemic has led to a surge in online activity and a shift towards virtual experiences, creating a demand for unique digital assets. Lastly, the rise of decentralized finance (DeFi) and crypto investing has driven interest in NFTs as a potential investment opportunity. The NFT market is expected to continue growing in the coming years. This growth is likely to be driven by a combination of increasing mainstream adoption, as more people become aware of NFTs and their potential applications, and the continued emergence of new use cases for the technology. As such, the market is likely to experience both ups and downs in the coming years as it matures and evolves. Let’s look at a few key statistics. Ethereum remains the biggest Layer-1 for the NFT market in 2023 so far, followed by Solana, Polygon and BNB Chain. Over the past 12 months, NFT trading volume on the ETH network totals $6.3 billion.(October 2023) NFTs are rising again, and now it has gained a lot of attention. So, it is safe to say that the NFT 2024 scene has a good potential to rise to the heights of its 2021 history.