How the NFT Market has changed since the boom

Cryptocurrency and the NFT market of blockchain records is an ever-evolving landscape, which has been the case since digital assets first entered the arena almost four years ago. However, investors and commentators alike have noticed even greater changes since the ‘boom’. If you want to make the most of Bitcoin mining and other crypto-based opportunities, you must understand the NFT arena too.

Introducing NFTs

Bitcoin first burst onto the scene in 2009, and millions of people are now familiar with it. In fact, millions of Americans actively hold the digital currency. NFTs, or non-fungible tokens, are digital assets that far fewer people fully understand – despite a lot of media coverage.

Non-fungible means that the token is unique. While this can technically be attributed to any digital asset, it is most commonly associated with digital art. Individual NFTs have sold for millions. NFTs on Ethereum started in 2017 and saw steady growth. However, the ‘boom’ occurred in March and April of 2021.

The NFT Boom

The NFT timeline generally accepts that there was a ‘pre-boom’ phase in January and February, followed by a ‘boom’ in March and April. The ‘post-boom’ was from May through to the first week of June. 

Over 60,000 new wallets interacted with NFTs during the ‘boom’. For perspective, only 27,236 addresses were active between September and December 2020. The sharp rise coincided with heightened media coverage. The fact that the majority have not interacted with NFTs since this period is why it was considered the boom.

It should also be noted that over 45,000 new wallets made their first NFT interactions in the ‘post-boom’ phase. The NFT ecosystem now has far more users. Tellingly, though, the retention rates have steadily improved. Stats show that the retention from the ‘pre boom’ to the ’boom’ increased by over 100% – the growth was even higher between the ‘boom’ and ‘post boom’.

The industry is set to thrive as more investors actively interact with NFTs. There are more potential buyers and digital art collectors. Digital artists are also likely to pay greater attention to the potential of the market, especially as there are millions of dollars to be made. However, crypto coins will be needed for the blockchain interactions to work too. Miners are, therefore, blessed with new opportunities.

Mining Crypto In The NFT Era

Crypto miners shouldn’t restrict their activities to NFT-focused tasks. Still, it is a great time to pay greater attention to crypto mining following the ‘boom’. Mawson Inc. can help you open a Bitcoin wallet. Moreover, the company’s large-scale Bitcoin mining infrastructure provides the best platform to build a successful investment.

Mawson Inc. is a dedicated digital asset mining center with an intricate understanding of NFTs. Purpose-built blockchain computers provide optimal performance to maximize capital gains while also feeding into a 100% Net Carbon-Neutral approach. Whether you plan to directly interact with NFTs or simply leverage success from the industry’s growth, the sustainable mining facility is the answer. A smooth, convenient, and effective crypto adventure awaits.

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