NFT Market Surpassed $40 Billion in 2021, New Estimate Shows
(Bloomberg) -- Nearly $41 billion worth of cryptocurrency was sent to two types of Ethereum smart contracts associated with NFT marketplaces and collections from the beginning of 2021 through mid-December, according to a new estimate from blockchain analytics firm Chainalysis Inc.
The metric revises an estimate the firm included in a December report on NFTs that was based on data through mid-October, said Maddie Kennedy, a spokeswoman for Chainalysis.
The popularity of NFTs, or non-fungible tokens, exploded in popularity last year with recording-breaking, multimillion-dollar sales and celebrities, such as singer Shawn Mendes, socialite Paris Hilton, and former first lady Melania Trump jumping on the bandwagon.
©2022 Bloomberg L.P.