Did you know that non-fungible tokens – NFTs – have been around since 2014? Despite only hitting their mainstream in the last year, NFTs have been common collector’s items for nearly a decade for crypto enthusiasts. But just how big is the NFT industry after all these years?

If you’ve been looking into the NFT market size, we’re here to help. Read on for some information on the past and future of NFT growth.

2021 Boom

Though NFTs have been around since 2014, the biggest surge in their popularity came last year in 2021. Multiple events came together to launch NFTs from something a cryptocurrency enthusiast may know of to one of the largest industries in modern economics. By the fourth quarter of 2021, the NFT marketplace was worth roughly $11.7 billion.

Arguably the most popular of these was the 10,000-part series “Bored Ape Yacht Club.” Launching in May, these NFTs were randomly generated from a series of different qualities that would help decide rarity.

Most consider Bored Ape Yacht Club to be responsible for helping to launch NFTs into the mainstream. With a Discord community and social board that grew more and more every day, BAYC would go on to shape the NFT industry as a whole. They’ve become so massively popular that celebrities will often endorse them and show off their own Ape NFTs, taking the majority of the NFT market share.

How to Grow

The NFT market will undoubtedly continue to grow as the years move on. One of the main things limiting the NFT market cap at the moment is that NFTs are typically kept exclusively to the Ethereum blockchain. Though there are smaller attempts to popularize NFTs on alternative platforms, none of these have been greatly successful.

Many believe that the greatest way to grow the NFT industry is by broadening these horizons. It’s possible you could eventually buy NFTs with Bitcoin or any of the other competitors with Ethereum.

Where to Buy

NFT art can only be bought online, with some platforms being much more common than others. NFT holders can also trade their NFTs with each other, whether it be for crypto or for another NFT of the same style. You can also look at the ever-changing NFT statistics to see what’s popular and what’s falling in price.

NFTs are typically bought and sold as an investment, but many decide to hold onto theirs. If you’re simply looking to purchase and keep an NFT rather than using it as an investment, you can look into some resale platforms. Many NFT holders sell their more common NFTs on these platforms.

How Big Is the NFT Industry?

If you’re asking yourself, “How big is the NFT industry?”, you’ll need to ask yourself that every day. The NFT industry is constantly growing at a massive rate, getting bigger every single day. Check on your favorite NFT collection regularly to make sure you aren’t missing out on anything as their popularity rises.

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