Home Cryptocurrency NFT Sales Hit $7B Albeit Crypto Slump

NFT Sales Hit $7B Albeit Crypto Slump

While the crypto market as a whole has been going down in the first month of the year, NFTs have been going up ever since 2021.

NFT Sales Hit $7B Albeit Crypto Slump iBase Trading.
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While the crypto market as a whole has been going down in the first month of the year, NFTs have been going up ever since 2021. There was a record $7.3 billion in sales of NFTs around the world, according to data from The Block.

In an interview with GoBankingRates, Tobias Batton, CEO and Co-Founder of Ex Populus, said that even though the general crypto market is down, the Non-fungible Token industry is still growing. This is a sign that the NFT Boom of 2021 is more than just a short-term fad.

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A new type of investor is joining the crypto market: collectors, fans, mega celebrities, and people who just want to make money are all getting in. People are excited about digital objects and how they can grow in value, as well as things like the proof and immutability of ownership that blockchain-based systems can give them.

NFTs will move away from the high-cost, low-pixel model as the industry grows. They will instead focus more on being useful. NFTs can be used in games, the metaverse, or in the real world to create unique interactions and experiences. There is no limit to what digital objects can do.

Axie Infinity: NFT Leading Firm in the Field

CryptoSlam data shows that Axie Infinity just made $4 billion in sales, the company said. This is one of the best-known companies in the field right now.

An Axie co-founder and COO tweeted on February 21: @axieinfinity just hit $4Bn traded NFTs between players sales, which is a new record. He thinks it’s the most-sold collection of NFTs ever. Game developers usually get all of the money from sales, but the Axie business model is different. 4.25 percent of each trade goes into the $AXS token treasury, and that money goes into the fund. People can get $AXS if they play.

A Hypernet Labs COO told GOBankingRates that crypto is down, but NFTs aren’t at all like that.

Non-crypto people can try NFTs as a way to get into the crypto world without having to learn all about complicated crypto assets. During the downturn in the crypto market, people are still using NFTs. It’s more fun to show friends what NFTs you have in your wallet than to talk about how much crypto you own.

Experts claim that non-crypto aficionados are finding NFTs more beneficial and easier to understand. Non-fungible Token growth will continue, according to me, Chief Marketing Officer of Non-fungible Token platform Ethernity.

We’ve seen NFTs for pay-to-play games, collectibles, metaverse wearable electronics, and more. He says that it won’t be long before NFTs become a common thing. It went from being used as the title of real-world things to being given out as tickets to events. NFTs are going to stay.

“The views and opinions on this Crypto News Website are solely those of the authors and contributors. These views and opinions do not necessarily represent those of iBaseTrading or its partners.”

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Jane De Leon is a news writer covering all things related to DeFi and NFTs. In the past, she has worked for a well-known Business Newspaper. She originally began investing in Bitcoin after hearing about it from her brother and hasn’t looked back since.