NFT has been proving to be the spotlight bearer. With so many newsletters showing a lot of decent appreciation, it would be detrimental not to include its latest blast of that the $1 billion tag. NFT market is one which odd market but if you consider how much culture and movements surrounding this huge crypto-based spectrum, you wouldn't want to be missed out.
These past few weeks have proved to be that defining phase for blockchain and digital art extensions. It was only in 2017 when CryptoPunks managed to accumulate a total of $200 million dollars. One of the most rated lifetime profit sales in the history of modern crypto.
Such profitable strides have also been felt in the world of digital art. Research on daily profits has shown that digital pixel art gained, at some point recently a total of $141 million. That's a fresh new record for you.
Luckily for NFT readers and users, by the moment you browse this article, the Non-Fungible Token industry would have reached $1.1 billion in terms of transactions. Thanks to CryptoSlam for dishing out a much-deserved piece of statistics. It's really amazing to know that character tally now stands at 10, 000 and to purchase a single piece, investors are pushed to put forward $450,000.
Remember, ethereum is in the thick and thin of most NFT operations so this $450,000 tally is tagged in ethereum. It's very exciting really for investors on the current bursting of NFT on the market. Projects have bloomed while billions stream in on a daily and weekly basis. Funny enough is the way project drawings of monkeys and penguins, not forgetting dinosaurs have held a better amount of asset wealth.
Looking at the wake of 2021, NFT managed to grab $69 million worth of Beeples. However, due to unforeseen circumstances that $69 million tally began to drip out gradually. Was it not odd to have a massive expansion of funds that then ended up dripping off? Was it a matter of coincidence? Well, all we know is that so much frenzy was conceived.
Possible researches have been put on the table and it was discovered that the resurgence was all because of price shifts in favor of price highs. Another valid reason was the collective movement by high-bidding investors on diversifying their asset range without any attempt to translate their digital assets into fiat.
The basic idea is that too much in stream of colossal amounts dollars on the NFT market has a lot of benefits to investors who already have what are called 'over-indexed crypto'. As we put a final fold on this issue, investors have to understand that the NFT market is surprisingly turning out to be very unsustainable but it still remains in shadows on how big the market will grow to be.
It's still unclear and undetermined whether investors will experience recessions or booms. Luckily no signage is aligned with the market slowing down but it does not necessarily paint good on the wall.