The Non-Fungible Token (NFT) market has been exploding in popularity in recent years, and there is no denying that it is rapidly gaining traction in the digital asset sector. While exact figures on the size of the NFT market are not available, estimates suggest that the total value of all NFTs traded in 2020 was around $250 million. This figure is expected to skyrocket in 2021 as more people become aware of the potential of NFTs and the number of platforms offering them continues to grow.
At the moment, the primary use of NFTs is for art and digital collectibles, and many of the transactions involve the buying and selling of digital artworks and gaming items such as rare cards and characters. Other popular uses include digital music, tokens for access to virtual events, digital tickets, and even real estate.
However, the potential applications of NFTs go far beyond the ones mentioned above. In fact, NFTs are being used in a variety of fields, including supply chain management, logistics, identity verification, and even voting systems. As the technology continues to evolve and gain wider acceptance, it is quite likely that the NFT market will continue to grow and its estimated worth could reach billions of dollars.
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