According to a CoinMetrics report, the total number of ERC-721 Ethereum smart contracts that underlie non-interchangeable tokens (NFT) has reached 19,000 as a result of the NFT boom.
ERC-721 is an Ethereum standard for creating NFT - non-exchangeable cryptographically unique tokens. According to DappRadar, the NFT industry has grown significantly in recent months: trading volume on the three leading NFT trading platforms reached $342 million in February alone, compared to $12 million in December 2020. However, on the scale of the entire cryptocurrency market, these figures are extremely insignificant.
"The NFT market has gone from virtually non-existent to a multi-million dollar decentralized market in just a few months," said analyst and founder of Quantum Economics Mati Greenspan.
Although the number of ERC-721 contracts is approaching 20 thousand, they make up only a small part of the total number of smart contracts on Ethereum, which now reaches 17.84 million contracts.
"Given the growing public interest in NFT, the technology has great prospects for scaling and development," said Peter Koziakov, co-founder and CBDO of Mercuryo.
He suggested that by the end of 2021, the NFT market could grow to $40 billion. However, other experts claim that the unprecedented prices paid by some collectors for NFT have inflated the market. Executive Director of the Exchange CEX.IO Konstantin Anissimov noted that the main scenarios for the deployment and use of the entire NFT technology have yet to be discovered, activated and integrated.
According to him, "there are clear signs that the NFT market is overblown in terms of the unprecedented valuation of some of the products sold at the moment, including "Everyday: The First 5,000 Days" by the artist Beeple, which was sold for $69.3 million. Beeple himself is inclined to agree with this and in a recent interview called the NFT industry a "bubble".
"We're probably going to see a lot of peaks and troughs, but there's no doubt this technology isn't going anywhere," Greenspan concluded.
Recall that according to Google Trends, interest in collectible tokens (NFT) has almost reached the same level as for initial token offerings (ICOs) during their boom in 2017.
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