IntoTheBlock, a site that monitors the cryptocurrency market, said on April 18 that the total amount traded in NFTs had just hit 18 million ETH, or $54 billion.
This year, global NFT trading volume has grown 222.2 percent from $16.94 billion on January 1, 2022, to $54.58 billion on April 17. This is a 222.2 percent increase since the start of the year.
On April 13, the platform released a new graphic that showed that the NFT adoption curve was still very much in its infant stages. Only 4.5 percent of ETH addresses with balances were NFT holders at the time.
On April 17, IntoTheBlock data showed that this percentage has been growing over time. It reached 4.64 percent on that day.
CMO Marie Tatibouet spoke about the future of NFTs and the cryptocurrency industry in general at the Paris Blockchain Summit. She spoke with David Lin, the host of Kitco News.
Tatibouet also talked about the surge in NFT collections, which is important because a lot of new people are joining the crypto market through NFTs instead of Bitcoin.
Rather than Bitcoin or Ethereum, many new crypto users are being onboarded with NFTs for the first time. KYC is no longer an obstacle.
A well-known Shark Tank investor, Kevin O’Leary, said that NFTs would be more valuable than Bitcoin in the long run. The Gate.io CMO agreed with him.
“Absolutely. I think 100% because the NFT market can be so many different things and I do think for example all of the art pieces will have NFTs or fractionalized NFTs as well associated with them every single piece of art for short not now but 10 years from now I’m almost certain.”
“Like the dotcom.com bubble,” Tatibouet believes that there has been a lot of hype around NFTs and that everything would eventually come tumbling down.
This is what she said: “Right now NFTs are mostly collectibles but we are evolving towards having more use cases and once these use cases are more tangible might I say I think we’ll see a new explosion of NFT.”