And people are finding other use cases for NFTs, such as virtual real estate and gaming.
NFTs have lured in celebrities like Mark Cuban, Lindsay Lohan and Gary Vaynerchuk, while major brands are also getting involved. What we saw in 2020 is the market is actually maturing." "Like any technological hype cycle, we're starting with speculative activity and usually that gives way to more fundamental value," Nadya Ivanova, chief operating officer of L'Atelier, told CNBC. "Right now we're living in a point in the world whereby the majority of the population is spending 50% of their time online and a significant amount of their time on a PC," Whale Shark, a pseudonymous NFT collector who claims to have amassed a collection worth over $2.7 million, told CNBC. Meanwhile, it also arrives at a time when bitcoin, ether and other digital coins have surged in value, with bitcoin briefly topping $1 trillion in market value last month. It's similar to the rise of retail traders betting on GameStop and other historically unloved stocks promoted on the Reddit board WallStreetBets. That's in no small part because of stay-at-home restrictions that resulted in people spending a lot more of their time on the internet and saving cash from a lack of commuting. Last year, the total value of NFT transactions quadrupled to $250 million, according to a study from NonFungible and BNP Paribas-affiliated research firm L'Atelier. The coronavirus pandemic played a big role in the NFT boom.
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