A report has unveiled figures that confirm the bullish run of non-fungible token markets over the last year. Two analytical firms behind the studies stated that the NFT industry grew by 299% in 2020.

Total Number of Active Wallets Rose by 97%

According to the NFT Report 2020, published by L’Atelier BNP Paribas and Nonfungible.com, the NFT market tripled in size overall last year, and its total value rose to more than $250 million.

The research document stated that the non-fungible token market could be considered the core asset class for the so-called “virtual economy.”

With such figures, both firms forecast mainstream adoption of NFTs in the years ahead.

Among the reasons explaining the market boost are global brands’ interests in NFTs. Fashion and luxury brands such as Nike, Louis Vuitton, Breitling, and sports brands like the NBA and Formula 1 have been actively creating NFT-based consumer goods and services.

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Source: https://news.bitcoin.com/blockchain-backed-nft-market-value-grew-299-in-2020/