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December 17, 2021

The global market value for Non-Fungible Tokens (NFTs) has now hit an all-time high of $22bn according to data released by Dapradar- a firm that tracks NFTs sales globally.

The global craze for NFTs has drawn cautions from veteran investors. You will recall that a lot of veteran investors equally warned against investing in cryptocurrencies during the early days.

The cautions notwithstanding, NFTs have seen a steady growth month on month since the beginning of the year.

According to the Dapradar report, the growth of NFTS has been buoyed by mainstream businesses entering into the mix.

“Hollywood, sports celebrities and big brands like Coca-Cola, Gucci, Nike, and Adidas, made their dent in the space, providing NFTs with a new level of exclusivity. The power of attraction of these famous names profoundly impacted NFTs and the blockchain industry overall,” Dappradar noted.

The most valuable NFT sale this year was The First 5000 Days, a digital collage by Beeple, the name used by the American digital artist Mike Winkelmann, that was auctioned for $69.3m in March, making it one of the most valuable pieces of art ever sold by a living artist. Another Beeple NFT, Human One, sold for $29m.

Other multimillion-dollar NFTs included the Bored Ape Yacht Club, a collection of 10,000 NFTs represented as cartoon primates that are used as profile photos on the social media accounts of their owners and which raised $26.2m. Celebrity BAYC owners include the American talkshow host Jimmy Fallon and the rapper Post Malone.

Coca-Cola raised more than $575,000 from selling items such as a customised jacket to be worn in the metaverse world of Decentraland.

Image Source: Pixabay