Consumers have spent nearly $27 billion on NFTs so far in 2021

[Shawn Knight]

In brief: Non-fungible tokens (NFTs) have taken the world by storm in 2021, and according to the latest data from Chainalysis, there’s little evidence to suggest a slowdown anytime soon. Chainalysis said in its 2021 NFT Market Report that users have sent at least $26.9 billion worth of crypto to ERC-721 and ERC-1155 contracts, the two types of Ethereum smart contracts associated with NFT collections and marketplaces.

Interest in collections has spiked at times but since March 2021, the CryptoPunks collection has been the most popular with more than $3 billion in transaction volume. Released in 2017 before the NFT craze, this collection from Larva Labs studio consists of 10,000 pixel art images that have skyrocketed in value as of late.

Back in August, Visa joined the rat race with its $150,000 purchase of CryptoPunk 7610. That may sound like a lot, but it pales in comparison to what some have paid for the most sought-after CryptoPunks. As it sits today, CryptoPunk 3100 is the most valuable, having fetched $7.58 million the last time it traded hands. CryptoPunk 7804 isn’t far behind at $7.57 million.

Last month, someone paid more than $650,000 for a luxury NFT yacht that only exists in the metaverse.

Chainalysis’ data indicates that Central and Southern Asia are hotbeds for NFT marketplaces, as is North America. Western Europe and Latin America have also picked it up as of late, although no region has made up more than 40 percent of monthly web visits since March 2021.

Image courtesy Quartz

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https://www.techspot.com/news/92521-consumers-have-spent-nearly-27-billion-nfts-far.html

 

[Guberian]

This is literally the definition of an elaborate pyramaid scheme.

 

[Eldritch]

Hoe much of that are real transactions and how much is just made up numbers to pump demand?

By repeatedly mentioning high value transactions in association with these imaginary junk an attempt is being made to normalize it and create value in mind of gullible consumers.

I think it will fail after a while. Let's see.

 

[Neatfeatguy]

Hoe much of that are real transactions and how much is just made up numbers to pump demand?

By repeatedly mentioning high value transactions in association with these imaginary junk an attempt is being made to normalize it and create value in mind of gullible consumers.

I think it will fail after a while. Let's see.

I think you fail to understand just how many stupid people walk the earth.

You've seen social media, right?
You've been outside to other places that other people go to? Like the grocery store or Walmart....Target? Stupid people are everywhere!

 

[Geralt]

I think you fail to understand just how many stupid people walk the earth.

You've seen social media, right?
You've been outside to other places that other people go to? Like the grocery store or Walmart....Target? Stupid people are everywhere!

I couldn't agree more.

 

[Dimitriid]

There's no implicit ownership, virtually or otherwise. As it, is not inherent and therefore not enforceable by the fact that it's unique and impossible to duplicate: ownership doesn't comes from the fact that you can or cannot duplicate something.

It comes strictly from the fact that you're able to enforce ownership, with violence. Usually via the violence of a Government body that confiscates stolen goods and persecutes people violating property rights.

So by definition: unless a government itself recognizes the simple act of creating and transferring an NFT as a valid contract, it's not really a valid contract you rely strictly on the good faith of the seller and since it's all digital the usual reasonable expectations of implicit or verbal contracts might not actually apply until it's tested in court.

 

[BadThad]

IMO, pure insanity!

 

[brucek]

I'm in the final stages of preparing an NFT of all my comments to date here. Get your wallets ready!

 

[Raytrace3D]

The real question everyone should be asking is.... WHY? I just don't get it... none of it matters. Why are people obsessing over it?

 

[Uncle Al]

Thank goodness for all those stupid people ... without them we would have an empty Darwin Awards web site!

 

[Scrye74]

Sounds like money laundering to me.

 

[kiwigraeme]

Who made the money in the gold rush towns ?
or who got to keep the money ?

What does the personalised number plate "1" sell for
or "88888888"?
least people can use those
wonder in my country how much did Mr. Dotcom pay for "good" "evil"

 

[Lounds]

People need to go outside more.

 

[Theinsanegamer]

People need to go outside more.

Cant, you might get super covid II turbo. Best to stay inside and spend your tendie money on a digital picture of a pixel or something dumb.

Think how much consumer debt could have been fixed with that 27 billion. Medical debt eliminated? Infrastructure built? Companies started? Instead, its all spent on jpegs. The future is here, and its stupid.

 

[Eldritch]

What stops 'creators' from changing 1 pixel and selling that as another 'unique' NFT based art?

Literally nothing.

I misspoke when I termed it Junk. Junk have some value.

 

[0dium]

What stops 'creators' from changing 1 pixel and selling that as another 'unique' NFT based art?

Literally nothing.

I misspoke when I termed it Junk. Junk have some value.

That's the problem. When I first heard about NFT it sounded kinda cool, but when I found out how it works I realised that it's completely stupid and useless. You can be and owner of a particular copy, but nothing stops you from creating more 1 to 1 copies

 

[HofyPC]

A fool and his money are soon parted.

 

[ypsylon]

85% of NFTs is always stolen from someone else.

NFT stands for New F*ed-up Thievery.

After (atrocious) redesign in May of 2020 thousands and thousands of artist left DeviantArt. Now they coming back because of DA Protect. System which scans and monitors uploads. Since beginning of 2021 DAP is working overtime reporting 1000s stolen works from DA and uploaded someplace else as NFT every week. I get regular Notification from folks I follow on Twitter. It's getting out of hand and it's time to put the lid on it.

I also lost one friend. He got so invested into this whole NFT (he is amazing concept artist for sure) that basically nothing he has done for last 6 months was not connected to NFT scam. $$$ at all cost. No matter what you sacrifice. It's tragic.

 

[Tom Yum]

Sounds like money laundering to me.

Ding ding ding, hit the nail on the head. This is just the next frontier of money laundering. It isn't "consumers" buying NFTs, it is the usual criminals needing to demonstrate a plausible source of wealth to cover for their actual (illegal) sources of wealth.

 

[sorten]

NFTs seem completely pointless to me. On the other hand, if it's being used to shake some money out of billionaire pockets and into the hands of artists, they may have some purpose to exist.

 

[Bullwinkle M]

This is literally the definition of an elaborate pyramaid scheme.

Bitcoin is the definition of an elaborate pyramid scheme.

This is just another copycat scheme