How many NFTs are there?

How many NFTs are there?

Although the concept of NFTs has been around for some time, 2021 saw its rise. While some people think that this popularity is only here for some time, others focus on their significance in the evolving world. 

Many huge companies have made it clear that the NFTs are here to stay. The prime example is Facebook. After changing its name to Metaverse, Mark Zuckerberg stated the importance and plans for Blockchain, specifically NFTs.

But, what exactly are they? And how many NFTs are there? Let’s answer all these questions!

What are NFTs, and How Many NFTs are There? – Explained

What is an NFT?

First things first, what is an NFT? It is an acronym for Non-fungible tokens. It is a unique and non-interchangeable unit of data stored on a blockchain. Usually, a digital ledger is used to store NFTs.
These non-fungible tokens distinguish themselves from cryptocurrencies due to their lack of interchangeability. 

Growing Market of NFTs

As mentioned earlier, 2021 was the biggest year for NFTs. While only a little is known about its market, we have some figures.
NFTs became popular 4 years ago, in 2017. From June 23, 2017, to April 27, 2021, there have been 6.1 million trades. These included 4.7 million NFTs obtained from WAX and Ethereum blockchains.
In only the first four months of 2021, NFT volume exceeded 2 billion USD. It is ten times more than its volume in 2020. Thus, it is safe to conclude that the NFT market is growing exponentially every year.

Different Types of NFTs

Now comes the question, how many NFTs are there? Here are all of them summarized:

  • Art
    Art is easily the most popular and one of the most expensive forms of NFT out there. It allows artists to sell their work online just like they do physically.
    In fact, the most valuable NFT ever sold is an art piece called “EVERYDAY’S: THE FIRST 5000 DAYS.” It was sold for $69 million. Art is also sold through videos, gifs, etc.
  • Music
    Music has been fungible for decades, even before the concept of NFTs. Now, musicians can sell their work online and earn millions of dollars in a matter of hours. It is even better for musicians as there are no cuts for the platform or record label. 
  • Video Game Items
    Since the video game industry is one of the biggest, this one is no surprise. Companies sell items, such as skins, characters, limited DLCs in the form of NFTs. 
  • Collectibles
    Now, you can buy NFTs as digital trading cards. But, that’s not all. Many companies sell collectible items online, which are pretty much the same as the physical. 
  • Sports Moments
    This is something that has no physical equivalent. Short clips of big sports moments are being sold for hundreds of thousands of dollars as NFTs. 
  • Domain Name
    Buying a Domain Name from the NFT market has its perks. For instance, you will be able to claim full ownership of the name, thus leaving behind the third-party management. 
  • Memes
    Memes are not restricted to entertainment only. And, the prime example is the Doge Meme which was sold for a whopping $4 million.

Conclusion

And that brings us to the end of this detailed guide on NFTs. We have covered all its types as well as its importance and evolution in the growing market. It will make it easier for you to understand why huge companies emphasize this concept of Non-fungible tokens. 

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