As interest in Non-Fungible Tokens (NFT) based art works increased, the volume of transactions was the highest ever.
On the 2nd January, CoinDesk quoted CryptoArt, saying, "The total transaction amount of NFT-based art works in December was $82.1 million (approximately 8,871 billion Korean won), more than tripled compared to November, recording the highest level ever."
Sales of physical works plunged last year as the coronavirus pandemic disrupted the operation of museums and art galleries. On the other hand, sales of NFT-based works recorded a record high. Related sales were $2.6 million in November and $8.2 million in December.
NFT stands for Non-Fungible Token, and refers to a cryptocurrency that can't be replaced with another token. This ensures that the item is unique and unique with its own value. It is mainly based on the ERC-721 token and is used for game items and collectibles.
"The industry is starting to understand the value of NFTs to verify the authenticity of works," said Richard Chen, cryptoart creator.
The NFT art market that CryptoArt tracks is Nifty Gateway, SuperRare, MakersPlace, Async art, and KnownOrigin.
Most of the works can be purchased through Ethereum (ETH) or Ethereum-based stablecoins. Credit card payments are also accepted on some platforms, such as Nifty Gateway and Maker Place.
The NFT market is growing rapidly with clear use cases. In October, Japanese blockchain company Coinbook launched the trading card platform 'NFT Treka'. As the first content, a limited sale of 100 packs of photo cards of the famous Japanese idol group 'SKE48' was sold, and it was sold out within 30 minutes of starting.