With the surge in trading volume, the NFT market is expected to double by October

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Non-fungible token market, or Non-financial institutionAs the demand for digital collectibles continues to grow, it is expected that this product will maintain a rapid growth momentum this year. according to The latest forecasts from online investment news and education platform Invezz.

Invezz’s report on Thursday said that by October, NFT trading volume is expected to reach 175 million U.S. dollars, thereby bringing the industry’s market value to 470 million U.S. dollars. By 2020, the market value of NFT is 338 million U.S. dollars.

Invezz said that in the first three months of 2021, NFT transaction volume has soared by 645%. The main driver of growth is the increase in retail adoption based on digital collectibles. CryptoKitties achieved initial success in 2017.

NFT’s recent success is partly due to the growing mainstream coverage of the digital art movement, starting with Twitter bidding and Square CEO Jack Dorsey’s first tweet. A Google search for the phrase “irreplaceable token” soared from 0 in December to a perfect score of 100. A score of 100 indicates the greatest interest in a particular search term.

As the cryptocurrency bull market resumes its growth momentum in the last quarter of 2020, NFT has become one of the biggest success stories, joining decentralized finance (DeFi) and achieving exponential growth. NFT boom has entered Professional sports world, European Art Exhibition Hall with Celebrity Tour. As reported by Cointelegrpah, Beeple’s “Everydays” NFT was sold for $69.3 million. The third largest income of all living artists.

Invezz’s predictions indicate The crypto market crashes In the past few days, this will not have any impact on medium-term NFT demand, which means that market conditions are expected to be greatly improved. However, analysts are divided on the speed and timing of the potential recovery, and whether the recent price decline will affect the trajectory of this year’s market cycle.