September 28, 2021

Milking the cash cow: NFTs seen as investment opportunity by VCs

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According to data from Messari, the NFT marketplace sales volume grew by 2,882% in February. It dwarfed the increase in monthly sales volume in any given month throughout the past three years. The fast growth of the NFT market follows high-profile auctions of nonfungible tokens led by Sotheby’s and other recognizable brands, such as Time Magazine, which is planning to auction three NFTs in the coming month.

The NFT sector has begun to see explosive growth beginning in early February of 2021. NFT marketplaces, such as Rarible and OpenSea, have started to see an uptick in NFT sales as both traditional VC investors and celebrities entered the NFT market.

The impending catalyst of NFTs

Speaking with Cointelegraph, Simon Dedic, managing partner of Moonrock Capital — one of the largest funds in the Polkadot industry and Web 3.0 ecosystem — said the NFT market is significantly different from where it was in 2018 when CryptoKitties saw explosive popularity.

The infrastructure supporting NFTs has rapidly improved, allowing the sector to have full-stack NFTTitle: Milking the cash cow: NFTs seen as investment opportunity by VCs
Sourced From: cointelegraph.com/news/milking-the-cash-cow-nfts-seen-as-investment-opportunity-by-vcs
Published Date: Wed, 24 Mar 2021 15:04:19 +0000