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According to data from industry tracker DappRadar, sales of NFTs topped $25 billion in 2021 as the speculative crypto asset grew in popularity, but there were signs of growth slowing towards the end of the year.
Last year, the prices of some non-fungible tokens, or crypto assets that represent a digital item such as an image, video, or even land in virtual worlds, increased so quickly that speculators were able to profit from them in days.
According to DappRadar, NFT sales volume reached $24.9 billion in 2021, up from $94.9 million the year before. DappRadar collects information from ten distinct blockchains to determine who owns the NFT.
Volume estimates differ by data provider and rely on what is included.
Off-chain transactions, like as significant NFT art sales at auction houses, are frequently overlooked by the statistics.
According to CryptoSlam, which tracks numerous blockchains, the total for 2021 is $18.3 billion.
NonFungible.com, which only analyzes the ethereum blockchain, estimates $15.7 billion in sales in 2021.
This indicates that the money spent on NFTs in 2021 is nearly equal to the sum pledged at COP26 to assist nations in phasing out coal, or the World Bank cash made available to purchase and distribute COVID-19 vaccines.