A brief summary of the NFT market
NFT is defined as Non-Fungible Token. An NFT is a cryptographic product or asset on a blockchain embedded with unique identification codes. These identification codes represent a digital certificate of authenticity for the digital product, which may be a video, image, or gif. These certificates grant a value to a specific digital product.
2021 has been a lively year in the NFT sector. The number, size, and scope of NFT-based projects have increased significantly over the course of the year. . With resistance to widespread acceptance fading, both in the media and among the general public, NFT adoption and popularity continue to grow.
Fueled by relentless advertising in mainstream media, the public’s awareness of and participation in cryptocurrency-related activities and products have surged. Massive advertising campaigns in major media markets have made many cryptocurrency companies a household brand presence. High-profile sponsorships during global events such as Crypto.com’s Formula 1 Racing and the UFC, and FTX’s new partnership with Major League Baseball, have injected the blockchain world into the mainstream consciousness of consumers around the globe. Indeed, half of all commercials during the NFL’s Superbowl LV were crypto or NFT-related this past year.
The unexpected rise of Sorare and many lesser-known companies have contributed to making the blockchain, cryptocurrency, and the NFT markets look more robust in the public eye. The timing of the launch of our product, MetaFight, could not have been any better. While the market is still in its infancy, it is driven by increasingly commercial-savvy and intriguing technologies designed to create captivating and tantalizing projects. MetaFight is one of those exciting new products.
The NFT market is still an emerging market. Over the past year, 2.5 million unique crypto wallets have already purchased an NFT. This activity represents a minimal penetration of the overall market of internet users, or just .05% of the over 495 billion people regularly online. Indeed, it leaves much room for explosive growth and massive profitability in the years ahead.