Sales of Non-Fungible Tokens (NFTs) hit $24.9 billion in 2021, according to data from market tracker Dapp Radar.
An NFT is a unit of data stored on a digital ledger - or a blockchain - that certifies the uniqueness of a digital asset.
The news comes after OpenSea - one of the world’s largest NFT markets - announced a $330 million funding round at the end of last week, valuing the company at $13.3 billion.
NFT sales significantly increased year-on-year, only $94.9 million was invested in NFTs in 2019 according to the market tracker.
Dapp Radar’s report also highlighted blockchain-based gaming as a growth category and found $4 billion worth of venture capital investment flowed into this area.
However, the market tracker said security issues presented one of the most critical obstacles to NFT adoption and said $1.9 billion was stolen because of hacks, exploits, or “simply bad practices” related to NFTs.
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