Ethereum NF Token: Experts See Explosive Growth in 2021

A new report found that the NFT market on the Ethereum blockchain tripled in 2020. A total of more than USD 250 million was sold there.

“NFT” stands (translated) for “ non-fungible tokens ” and describes crypto tokens that are only available once. The tokens in a series thus form a “family”, but each token stands for a unique unit, which can be imagined as a family member.

NFT for collectibles and much more

These non-fungible tokens have been used for a variety of digital purposes for some time, for example to create crypto collectibles . The objects can be virtual equipment (for example armor or weapons) in video games, trading cards and the like. An early example are the “CryptoKitties”, a game with digital kitties on the blockchain that was released in 2017.

But Ethereum Code is also becoming more and more popular in the arts. For this purpose, tokens can also be divided so that it is conceivable that several people can each have a share in a token and thus a digital object (such as a valuable digital image).

The NFT are very versatile and pave the way for new ideas and opportunities, which is reflected in a growing digital economy.

How is this all related to Ethereum?

Ethereum is mostly known as a cryptocurrency, often as „the silver for the gold of Bitcoin (BTC)“. In truth, Ethereum is more than just a cryptocurrency, it is also a platform on which whole new industries are now developing and thriving. One of these industries is the market for NFT.

The Ethereum Blockchain provides the “ Standard ERC-721 „. This regulates the issuance and trading of NFT on the Ethereum blockchain.

The experts‘ outlook for 2021

In 2019, the value of the NFT transactions carried out was just over USD 62 million. In 2020 it already exceeded $ 250 million. Sales of works of art on NTFs increased by 2,800 percent. The market is expected to continue to grow strongly in 2021. This is what the experts from “” and “L’Atelier” determined.

It is therefore not surprising that more and more big brands are recognizing the trend and want to secure a piece of the “NFT future cake”. These brands include the watch manufacturer Breitling, Nike and Microsoft.

The upward trend of the NFT is currently also noticeable in the price of Ethereum (ETH). The price of Ethereum rose by over USD 1,500 from February 2020 until today. The trigger is likely to be the upcoming rollout of Ethereum 2.0, but also partly the NFT.