Market Overview

According to a report by NonFungible.com, the total market capitalization of the NFT sector was close to $210 million in 2019. The report suggested that in 2020, the market cap could touch $315 and by 2021, it could surpass $700 million.

Market headlined in 2021 due to increasing number of sales and in particular due to the sales of Beeple's "Everyday: the First 5000 Days", which became the world's most expensive NFT sold for 69 million U.S. dollars. Since then, NFT sales volume skyrocketed, reaching a total of over 10 billion U.S. dollars as of November 12, 2021.

Despite the exponential growth in the space, inefficient solutions remains inadequate in terms of meeting the demand for these digital gems. Moreover, metaverse opportunities and needs are in the scene now.