According to the latest aggregated report by Nonfungible.com, the NFT market was valued at about $100 million just last year. It then compared it to this year, only two months into 2021, and such an already-impressive figure more than doubled – approximating the current value of the NFT market at $250 million. This signals a rapid expansion for the sector. As Dune Analytics point it, this February may just be the start of something far greater despite it already being the biggest month for NFT sales.
This growth by the niche market is then supplemented by the several associations and companies trying to get on with the bandwagon and develop an NFT of their own. Curio, for example, has recently announced its plans to create NFTs referencing the famous Neil Gaiman novel turned-TV series, “American Gods.”
According to Juan Hernandez, CEO of Curio, the company is currently discussing with Fremantle, the hit TV show producer, to develop licensed digital collectibles based on the STARZ program. He adds that this will be the first exposure of NFT to the mainstream media, thus, representing several marquee brands’ acceptance of the niche as a viable digital strategic instrument.
While NFTs based on mainstream media are still unusual, NFT art pieces are the entire market’s pavilion. As another piece of evidence to the continual popularity spread of NFTs, digital artist Beeple, most known for his crypto-themed artworks and NFT sales, has now seemingly brought his masterpieces across the sea, to China in particular.
The art show: “Virtual Niche: Have You Ever Seen Memes in the Mirror?”, which notably includes Beeple’s works alongside Robert Alice’s, is now set to take its Chinese debut in Beijing, China, this March 26th to April 11th. As per the announcement, the show is initiated and funded by the Block Create Art crypto marketplace. Although the show primarily revolves around the idea of NFTs and crypto art, its producers note that it will also feature notable physical artworks.
While many factors can be attributed to NFT’s apparent rise, many believe that the world’s transition to the digital age is the most glaring reason. Seeing as more and more physical aspects of life has now turned digital, NFT’s rise to prominence may indeed just be beginning.