The NFT market has continued to see growth and adoption despite reduced hype as compared to last year.
NFT Market Trade Volume Hits $54 Billion
According to recent data from crypto market analytics firm IntoTheBlock, the global non-fungible token (NFT) market has traded more than $50 billion.
As shown in the chart above, the total trade volume in the global NFT market surpassed the $50 billion mark, reaching an all time high of $54.58 billion (or about 181.14 million ETH).
NFT Trades More than Double in Four Months
Interestingly, as of January 1, 2022, NFT users traded about 5.22 million ETH equivalent to $16.94 billion. However, the total volume traded in the NFT market has jumped more than 220% to 181.14 million ETH in less than four months.
Although the NFT hype is no longer as strong as it was in 2021, IntoTheBlock noted that the NFT adoption curve is still at its early stage and only about 4.5% of ETH addresses with a balance are NFT holders.
The NFT adoption curve is just starting.
This is part of our upcoming release, stay tuned. pic.twitter.com/hOh80g057v
— IntoTheBlock (@intotheblock) April 13, 2022
Mainstream Companies Joining NFT Market
The rapid increase in NFT trade volume within the last four months could be tied to institutional investors, sports companies, and celebrities joining the NFT bandwagon and the metaverse as a whole.
Last week, Coinfomania reported that Dubai-based airline company, Emirates, is planning to launch its own NFT and experiences in the metaverse. The company believes this will promote its brand experience and business efficiencies.
Similarly, the world’s largest music label, Universal Music Group (UMG), joined NFT market by purchasing a Bored Ape NFT for $360, 817 through its subsidiary 10.22PM.
In another report, the creators of the popular WebComic “One of Those Days,” Maya and Yehuda Devir, announced plans to launch their NFT collection dubbed XOXO collection.
In March, French Football Club Monaco partnered with Capital Block, an entertainment and sports NFT company, to strengthen its position in the NFT world.