Consumers spent nearly $ 27 billion on NFTs in 2021.

In short: Non-fungible tokens (NFTs) have taken the world by storm in 2021, and according to the latest data from Chainalysis, there is little evidence that growth will slow anytime soon. Chainalysis reported in its 2021 NFT Market Report that users sent at least $ 26.9 billion worth of cryptocurrency to ERC-721 and ERC-1155 contracts, two types of Ethereum smart contracts associated with NFT collections and markets.

Interest in collections increased from time to time, but since March 2021 CryptoPunks Collection was the most popular with over $ 3 billion in transactions. Released in 2017 before the NFT craze, this collection from Larva Labs consists of 10,000 pixel art that has skyrocketed in recent years.

Back in August, Visa joined the rat race by purchasing the CryptoPunk 7610 for $ 150,000. This may sound like a lot, but pales in comparison to what some have paid for the most popular CryptoPunks. How he sits today CryptoPunk 3100 is the most valuable as it last brought in $ 7.58 million. CryptoPunk 7804 not far behind – $ 7.57 million.

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

Chainalysis data indicates that Central and South Asia are breeding grounds for NFT marketplaces, as is North America. Western Europe and Latin America have also noticed this recently, although no region has accounted for more than 40 percent of monthly Internet visits since March 2021.

Image courtesy of Quartz

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