Recent research from The Block has revealed that the trading volume of non-fungible tokens (NFTs) surpassed $13 billion in the year 2021. This represents a massive 42,988% increase compared to last year’s NFT trading volumes.

In 2020, the total NFT trading volume was just $33 million. OpenSea remains the leading NFT marketplace as it facilitated nearly 88% of the total trading volumes this year.

A non-fungible token (NFT) is a type of cryptographic token that represents a unique asset. NFTs are tokenized versions of digital or real-world assets. They function as verifiable proofs of authenticity and ownership within a blockchain network.