NFT Market Overview

The NFT market has been estimated to be valued between 16 and 40 billion USD. In 2021 alone, the NFT market experienced remarkable exponential growth, surpassing 210 times the value of 2020. Weekly NFT sales exceed 15 million USD, with average prices typically below 200 USD. However, specific highly successful collections are traded daily for hundreds to thousands of ETH.

Notably, the first purely digital artwork (NFT) ever offered at Christie's, "The First 5000 Days" by Mike Winkelmann, also known as Beeple, sold for over 42000 ETH, equivalent to $69.3 million.

NFTs are increasingly valuable, with recent use cases emerging in the metaverse and GameFi applications. NFTs serve as game avatars, upgradeable items, in-game assets, or virtual land and properties. For instance, in November, six thousand virtual "square feet" of the online world Decentraland were sold for a record-breaking 2.4 million USD.

Although the concept behind NFTs was created in 2014, it's only in recent years that the broader population has recognized their true value as digital proof of ownership for assets. Many large corporations are investigating NFTs and starting to incorporate them into their business models and operations.

Given these factors, the demand for innovative services and solutions like those proposed by the NetDex Foundation is expected to continue growing.