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
Foreign-Owned Businesses in Greece Thrive in Trade and Services
Despite government efforts to attract foreign investment, only 0.6% of all businesses across Greece are foreign-owned.
41st Athens Marathon- Traffic Regulations in Athens from Thursday to Sunday
Traffic regulations will be implemented gradually, starting from Thursday, as part of the 41st Athens Marathon.
Greek Households Most Pessimistic in Europe: IOBE Report
Over six in ten (65%) of households said that their financial situation worsened over the past year
JP Morgan Remains ‘Bullish’ on Greek Banks
JP Morgan reiterated its analysis of DTCs, prompted by Piraeus Bank’s plan to accelerate their amortization
Source of Wealth Declarations for Greek Public Officials Made Easier
Source of wealth declarations are designed to improve transparency and prevent corruption among Greece's public officials. Yet 98% of Greeks still believe corruption is widespread in the country, according to Eurobarometer.
Greece’s Labor Market Slack Among Highest in EU
Greece ranks 4th in EU for labor market slack, mostly due to high unemployment levels, and has widest gender gap in the EU.
Livestock Crisis Threatens Greek Feta
Feta in particular, is Greece’s primary dairy export, with 65% of production going abroad.
Moldova’s Sandu Wins Second Term amid Meddling Claims
According to the Central Election Commission, with 98% of votes counted, Maia Sandu led with 54.35% to Alexandr Stoianoglo’s 45.65%
Attica Wins ‘Best Greek Hospitality Region’ at 2024 Awards
The Greek Hospitality Awards, now in their tenth year, are one of the premier tourism industry events at the European level
Greece Takes Command of EU’s Operation ASPIDES in Red Sea
The defense minister also visited the Greek frigate Spetsai, which is participating in Operation ASPIDES, while in the port of Djibouti