NFTs continue the explosive movement they have been on since 2021, despite the crypto market dwindling forrune in the first month of the year, global NFT sales hit a record $7.3 billion, according to data compiled by The Block.
According to GoBankingRates, Tobias Batton, CEO and Co-Founder of Animoca-backed Web3 gaming publishing company Ex Populus, said that the continued upward trend of the NFT industry, even amid a slowdown of the general crypto market, is a sign that the NFT Boom of 2021 is more than just a phase.
“NFTs have attracted a new class of investor to crypto: collectors, fans, mega celebrities and retail investors alike are flocking to the market to get involved. People are excited about digital objects and their potential to grow in value, along with things like provable, immutable ownership that is provided by blockchain-based systems,” he said. As the industry matures, we can expect to see NFTs develop past the high cost, low pixel model and in turn focus more on utility. Whether that’s incorporating NFTs into gaming, the metaverse, or unlocking unique engagement experiences in the physical world, the potential of digital objects is limitless.”
One of the biggest winners in the space is Axie Infinity, which just recorded a whopping $4 billion in sales, the company said, citing data from CryptoSlam.
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