The growth of the market for NFTs over the last few years have been nothing short of phenomenal. Some believe we’re seeing a similar pattern in the growth of the NFT market as compared to that of Bitcoin’s rise to mainstream.
Looking at the origin of NFTs, you can tell that they’ve been around for a while now with early experiments in colored coins on the Bitcoin network, Cryptopunks and others, however, only a very few knew about these. The breakthrough for NFTs came with the creation of CryptoKitties in 2017- an on-chain game that allowed users to breed digital cats to produce new offspring species. And since the creation of CryptoKitties, several other NFT projects ranging from digital arts, virtual games, and virtual worlds have dotted the NFT space.
OpenSea, a marketplace for NFT has recorded an increased adoption of NFTs over the years. According to CEO and co-founder, Alex Atallah, more than 630,000 Ethereum wallets have created ERC-721 or ERC-1155 NFTs to date.
Data analysis website NonFungible.com, also stated that the transaction volume in the first half of 2020 soared to $230 million, an increase of nearly 300% year-on-year. Active users reached 78,881 with an increase of 5.7%.
Digital arts contributes most of the current growth being experienced in the NFT market and is arguably one of the fastest growing in the NFT space. Just recently, an art collection by famous digital graphics designer Beeple, broke all previous price records when it sold for almost $800,000.
Another, SuperRare, a digital marketplace specializing in NFTs reportedly sold over $4 million in digital art last month. Artist, Micah Jackson, sold a single piece of artwork for $120,000.
With the recent surge in price of Ethereum, more users are being wooed to the Ethereum blockchain, participating in the various ecosystem part of which NFTs are a large player. The market for NFTs is one with great potential, and one estimated to reach the billion dollar threshold. And of course, projects like OVR, an Augmented Reality platform built on the Ethereum blockchain makes up a huge part of the percentage of crypto arts NFTs that are fuelling this course.
OVRLand NFT provides a means by which digital arts can meet prospective arts collectors, a platform (virtual land) where digital art creators can exhibit their art coll collections like SuperRare and others.