The blockchain-based NFT was created to give digital assets a unique marker. NFT also provides a cross-border clearing and settlement platform, enabling non-fungible digital assets to be mapped onto the exchange chain. The entire NFT market grew by 2800% in just 2020. This value tripled in less than 3 months of 2021, making the NFT growth an aggregated 6000% from 2020. NFT is valuable because it is authentic, transferable, and provides ownership. The statistics show that, in the global NFT market, the top 3 NFT applications are collection, arts, and sports.
They accounted for 48%, 43%, and 4% of the global NFT market in Q1 2021, with respective market sizes of $960 million, $860 million, and $0.8 billion.