The NFT industry is booming in 2021

In retrospect NFTs seem obvious, but it cannot be overstated how alien the concept was less than a decade ago.

While from the outside looking in, they have been dismissed as a needless bubble waiting to burst, they look set to revolutionise our lives in a profound way.

The numbers show this to be true.

Sales in the NFT market in H1 2021 stand at $2.5bn.

For context, this compares $41m for the entirety of 2018.

Ethereum continues to be the dominant blockchain for market activity, however, other applications have found a place in the space, often due to lower transaction costs and speedier block times.

One threat that could stand in the way of the progress of NFTs is the prospect of another crypto crash.

NFTs tend to be pretty dependent on the cryptocurrency market.

This was evident during the 2018 bear market when demand for NFTs dived.

While volatility is par for the course in crypto, the same is true for NFTs, where only the strong shall survive.