NFTs have exploded in popularity during 2021. While there was once ~$26 million of weekly volume across all platforms at the beginning of the year, we’ve seen that spike to more than $1 billion per week in August1. On an annualized basis, revenues for OpenSea and Axie Infinity have hit $5 billion per year, while the same for all DeFi combined was $4 billion2.
When RBF makes investment decisions, we evaluate primarily the market potential and the quality of the teams behind the project. Since the market is validating the potential for NFTs, as seen by the increase in trading volumes, we think this will lead to more and more good teams stepping forward and building successful and useful projects for NFTs in the blockchain ecosystem. Besides the play-to-earn model, what is Dusan watching for the future?
“NFTs have a really strong social element, but there is actually no NFT native social platform that would cultivate this experience. And I think this will be the next big opportunity for crypto investors and where the next billion dollar business will be – improving the experience for how to show-off your NFTs to everyone. You see Instagram, 1.4b users on Instagram across the globe, the most followed profiles are actually the ones that have the most luxurious items shown. But you can’t verify those items, you just take a photo of someone else’s Ferrari and put it on Instagram. This is what NFTs can actually solve.”
Footage of the rest of the panels at the conference is available on the NFCastle website.
2 As of October 6, 2021, source Token Terminal.