The NFT market exploded in 2021, but its growth is likely to slow down big time in 2022, according to a new report
NFTs became the talk of the town in 2021, with high-profile sales, celebrity endorsements, incessant mainstream media coverage and major brands like Visa entering the scene.
This speculative frenzy was not without backlash, with a growing community of"right-clickers" mocking people who spend fortunes on JPEGs. NFTs also attracted widespread criticism for allegedly being used for facilitating money laundering and other illegal activities. Some also argue that the prices of NFTs are distorted with the help of wash trading.
In 2020, for comparison, NFTs were a niche sector, generating a measly $82 million in trading volume. Their popularity exploded last March when the digital artwork of Mike Winkelmann earned $69 million at a Christie's auction, which led to tons of media attention.
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