The global market for the Non-Fungible Tokens reached $22 billion in just one year, as the new investment craze converted NFTs – certificates (in electronic form) proving the authenticity of digital objects – in significant assets.
Veterans in the economy, however, treat NFT with caution, just like cryuptocurrencies. And they are sounding the alarm, pointing out that they do not consist serious investments but phenomena of a possibly unsustainable, digital gold digging. NFTs transfer ownership of a unique digital object to someone, even if the object can be easily copied. The property is registered in a public digital directory, known as a blockchain.
Data from DappRadar, a company that monitors sales in that market, showed that NFT trading jumped to $22 billion in 2021, compared to 2020, when the turnover was just $100 million. More specifically, in the first half of 2021 there were $4 billion in NFT sales, while in the second half the amount almost increased fivefold as it exceeded $18 billion.
The most expensive NFT to hit the market this year was Beeple’s Everyday Life: The First 5,000 Days, a digital collage by Beeple – according to Mike Winkelmann – which was auctioned for $69.3 million in March, making it one of the most valuable works of art sold at auction, in 2021 (eighth in the overall ranking), while, because of its price, the 39-year-old American artist was named the third most expensive living artist after David Hockney and Jeff Koons.
Melania
And as everything in life is a double-edged sword, it is not only the influential personalities who raise NFT prices, but also the NFT dynamic that gathers around all those who want to gain some popularity. A typical example is the former first lady of the United States, Melania Trump, who, a few days ago, presented her own NFT platform, in which a watercolor portrait of her eyes with the title “Melania’s vision” is available for sale.
Proceeds from the NFT sale of the work, signed by French artist, Marc Antoine Coulon, will be donated to charity and can be obtained either by cryptocurrency or by credit card.
As much as the amount available for the new item is very large, financial analysts point out that NFT in many countries is still an asset that is not subject to any tax regulation and that it will take some time, possibly some years, to be included in the terms governing the conventional market.
Latest News
NATO Secretary General Rutte to visit Greece
Former Dutch PM Mark Rutte, the Alliance's new chief will first visit Ankara a day earlier to meet with Turkish leadership
PM Mitsotakis from Naxos: Decarbonization Fund to Facilitate Islands’ Green Transition
“The resources will help connect the islands to the mainland's electricity grid," he noted.
Retail Sales in Greece Up 0.8% in Q4 2024: ELSTAT
Retail businesses in the food and fuel sectors posted a turnover of €6.82 billion in Q3 2024, a 1.2% increase compared to €6.73 billion in Q3 2023
September in Greece Winning Tourists Over from US, Germany
Tourists continue to visit Greece off-season into Sept. with the number of inbound travelers up by 6.6% and a 7.9% rise in travel receipts.
Bank of Greece Governor Says EU will Retaliate to Trump’s Tarrifs
The Bank of Greece Governor defended the independence of central banks amid criticism from U.S. President-elect Donald Trump, who had publicly commented on Federal Reserve Chair Jerome Powel
September in Greece Winning Tourists Over from US, Germany
Tourists continue to visit Greece off-season into Sept. with the number of inbound travelers up by 6.6% and a 7.9% rise in travel receipts.
Bitcoin Surges Toward $100K Amid Pro-Crypto Optimism in US
According to Reuters, the cryptocurrency surged to an all-time high, briefly exceeding $96,898 during Asian trading hours.
Greek Driver Violations at a Touch of a Button
Traffic offences recorded in the last five years by Greece’s “Driver Behavior Control System” are now available on Gov.gr Wallet
Milan Tops List of Most Expensive Streets, Athens’ Ermou Holds Steady at 15th Place
In Athens, following Ermou Street is the southern suburb of Glyfada and Tsimiski Street in Thessaloniki.
New Gov.gr Service Enables Secure Reporting of Minor-Related Delinquency
It should also be noted that via the recently introduced initiative ‘Safe Youth’ application citizens have access to specially tailored informative material regarding the safety of children and adolescents