Sales of Non-Fungible Tokens (NFTs) reached over $25 billion in 2021 as it exploded in popularity, but there were signs of growth slowing at the end of the year. Prices of some NFTs grew so fast last year that speculators sometimes flipped them for a profit within days.
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Some of the world’s top brands like Coca Cola and Gucci also sold NFTs in 2021. NFT sales volume recorded $24.9 billion in 2021, compared to just $94.9 million in the previous year. Transactions that occur ‘off-chain’ like significant NFT art sales at auction houses are often not captured by the data. CryptoSlam, which tracks multiple blockchains, said the total sales in the year was about $18.3 billion. NonFungible.com, another blockchain tracking platform told 2021 sales at $15.7 billion.