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    NFTs will have expanded by a factor of 21 per cent in 2022 πŸ”₯

    According to Nonfungible.com's study, the total value of NFT trading surpassed $17 billion in 2022, showing a 21,000 per cent increase over the previous year. It is predicted that from an estimated total of $82 million in 2020

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    According to Nonfungible.com’s study, the total value of NFT trading surpassed $17 billion in 2022, showing a 21,000 per cent increase over the previous year. It is predicted that from an estimated total of $82 million in 2020, according to research undertaken by the Paribas-owned enterprise L’Atelier, there would be an enormous increase to $17.6 million in 2021. NFT has made tremendous inroads into the general public’s consciousness, with everyone, even large corporations, striving to get a footing in this growing market. In addition, profits from NFTs have surged in recent years, with sales of the tokens producing a total of $5.4 billion in profit in 2017. Christie’s auction house set a new world record for the most expensive piece of art ever sold at an auction when the celebrated digital artist Beeple sold a token symbolizing a college for $69 million, breaking the previous mark of $68 million set in 2007.

    Valued at more than $40 billion πŸ‘€

    But the total number of nonfungible transaction (NFT) transactions completed by nonfungible.com last year was lower than previous estimates, which is consistent with the industry’s practice. According to a projection made by blockchain research firm Chainalysis, it is predicted to be valued at more than $40 billion. According to Gauthier Zuppinger, one of the company’s co-founders, it is the company’s unique technique of identifying legitimate volumes of nonfungible transactions. The use of an automated system may complete no transaction, and no wash trading can be done, which is a common practice in which people simultaneously buy and sell an item to inflate the market’s activity artificially.

    According to statistics from nonfungible.com, the number of crypto wallets belonging to persons who hold or trade nonfungible tokens has increased in 2021, according to statistics from nonfungible.com, with more than 2.5 million crypto wallets, a significant increase from the previous year’s total of 89,000. According to the research, a total of 470 wallets produced income in excess of a million dollars each. According to industry estimates, collectibles were the most popular category of nontraditional toys, accounting for more than $8.4 billion in sales. With sales of $5.2 billion, gaming non-financial transactions (NFTs) ranked second in terms of popularity. However, according to Gauthier Zuppinger, the value of NFT transactions will not increase as much this year as it did last year, and the value of NFT transactions will stay steady.

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    Zun Tsu
    Zun Tsuhttps://cointokenews.com/author/zun-tsu/
    NFT enthusiast. Writer. Journalist. Sharer of reliable and sourced news.
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