NFT's Popularity Will Continue To Skyrocket Despite Cryptocurrency Market Price Fall

JAKARTA – In the midst of the recovery of the cryptocurrency market, non-fungible token (NFT) assets are predicted to experience a significant increase as digital asset enthusiasts mushroom. The information is disclosed by Invezz as an educational platform and news of the investment.

According to a report from Cointelegraph, the volume of NFT is expected to reach USD 175 by October. This led to a market capitalization growth of USD 470 million. In 2020, the NFT market will cost USD 338 million.

Invezz also revealed that NFT transaction volume has surged by 645 percent in the first 3 months of 2021. The increasing acceptance of digital assets in the market is able to drive the growth of NFT trading initiated by CryptoKitties since 2017.

The recent growth of the digital art movement has boosted the popularity of the NFT. The development was initiated by Twitter boss Jack Dorsey who managed to sell his first tweet some time ago.

NFT searches on Google continue to experience a fairly high spike. The keyword "non-fungible token" skyrocketed to a score of 100, whereas in December 2020 it was still at a score of 0. A score of 100 proves the growing public interest in the NFT.

Not only that, but NFT has also penetrated into the world of sports, celebrity circles (as Paris Hilton did), and European art exhibition halls.

Digital artist Mike Winkelmann, better known as Beeple, sold an NFT photo collage titled "Everyday: The First 5.000 Days" for USD 69.3 million. The sale was the third-largest made by living artists, as compiled by Cointelegraph.

In addition, Invezz also predicts that the crash of the cryptocurrency market in recent days will not affect the NFT market.