1. Rapid growth of the global NFT market
Figure 1. Record USD volume for NFT sales Source : NonFungible.com / The 2021. Q3 NFT report (Modify Image; VSTRO)
According to 『The 2021. Q3 NFT report』 announced by NonFungible.com, the transaction amount of NFT grew by 26,719% over one year from $0.22 billion in the third quarter of 2020 to $5.9 billion in the third quarter of 2021.
During this period, the activity of NFT wallets increased by 540%, buyers by 1,240%, and sellers by 1,277%, and it is expanding beyond simple works of art and sports cards to various worldviews such as metaverses and games and trading numerous items.
NFT proves the ownership of one and only creation in the world, and in terms of being able to mass-produce ownership of the same digital product with the development of technology, the utility of NFT will increase infinitely in the future, and considering that the market is now in the initial stage of formation, it can be predicted that the size of the NFT market will become even larger in the future.
Figure 2. NFT Secondary market rate (Sales volume) Source : NonFungible.com / The 2021. Q3 NFT report (Modify Image; VSTRO)
NFT's business model is in its infancy where selling proof of ownership of artworks and simple game items. However, as the interest of NFTs is rapidly increasing, resale and repurchase are increasing very much according to the investment perspective to increase the value of asset, and the increase of utilization in metaverse and games.
In addition to general individual creators who produce NFTs, various NFT business projects such as Metaverse such as CryptoPunks, Meebits, and SuperRare, collection, sports, art, and games are emerging, leading the market. Even now, NFT business projects are continuously being created around the world.
Based on these numerous business projects, the business model also goes beyond the concept of simple sales and various models have been proposed to increase the value of NFT, such as a fee policy that pays a certain amount to the creator during resale, and the connection between the NFT worldview and DeFi.
Through this, creators and companies produce various NFT assets, divide categories, and build a professional market, and competition is becoming increasingly fierce.