At the beginning of 2021, only a niche group of crypto enthusiasts knew what non-fungible tokens (NFT) were.
By the end of the year, however, nearly $41bn had been spent on NFTs, according to the latest data, making the market for digital artwork and collectibles almost as valuable as the global art market.
“This year witnessed the NFT market explode from a sub-billion dollar market to a multi-decabillion industry,” said Mason Nystrom, research analyst at crypto data firm Messari, adding that buyers were rushing to uncover art that aligns with their “digital identities”.
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