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Projections for NFT in 2021

Canadian analyst firm NonFungible has released a report predicting that 2021 is poised for a "new bull market in the NFT industry."

Although NFTs have existed since the invention of ERC-721 by William Entriken, Dieter Shirley, Jacob Evans and Nastassja Sachs in January 2018, the sector largely remained obscurity outside of hardcore cryptocurrency circles until the latter part of 2020. In the second half of 2020, NFT sales increased 200% to over $9 million.

Since then, however, NFT sales have grown at an incredible rate, with about $60 million worth of non-game tokens sold in the last 24 hours.

The value of highly sought-after NFTs has also skyrocketed, with multiple NFT sales in February so far bringing in over $1 million each. On February 22, one of the collectible Cryptopunk series sold for 550 ETH, which was worth over $1 million at the time of the sale.