In early July 2020, the total sales of nonfungible tokens, or NFT, hit $100 million. And that is just the start. As the DeFi market reached $4 billion in locked value and leading cryptocurrencies started their rally to yearly highs, we might soon see a hockey-stick growth pattern in the NFT space. Let’s have a look at why it might be the case.
It’s no secret that the best thing a project can do during a crypto winter is to build — and that’s exactly what the most popular NFT projects of today have been doing during the past two years. Decentraland, which raised over $20 million in 2017, successfully launched this year. It was overtaken in volume by single-developer project Cryptovoxels that finances itself by selling parcels of digital land. Meanwhile, VC-backed Dapper Labs, the author of the famous NFT collectible game CryptoKitties, has been working on its own blockchain to offer a higher throughput environment for NFTs.
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