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The ERC-721 Ethereum token format, created in 2017, became truly popular only in the outgoing year. If according to Block Research in 2020, the turnover of unique indivisible tokens (NFT) amounted to $ 33 million, then in 2021 the volume of transactions increased to $ 13 billion.
In percentage terms, the growth was an impressive 42,998%, there is no other direction in the financial markets whose annual growth is comparable to the phenomenal record of NFT.
The potential of ERC-721 was revealed in the first example of using an indivisible token in the CriptoKitties game. The popularity of the game has loaded the Ethereum network, forcing miners to vote to expand gas limits in blocks in order to unload the mempool with stuck transactions.
The rise in NFT trading volumes in 2021 was associated with a wide scope of implementation. In one year, unique tokens became objects of art, cards for sports clubs, and the basis for the implementation of the “play to earn” model for virtual games.
An important step for increasing NFT trading volumes was: the development of technologies and marketplaces. The main exchange market for all types of unique tokens was the OpenSea platform, which took over 70% of the annual turnover. The developers have created special blockchains for NFT, which greatly simplify their release.
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