CEX.IO company blog | Why did the NFT token market grow so dramatically in 2021?

Dmitry Volkov, technical director of the international crypto exchange CEX.IO, comments for Kommersant.

The rise in popularity of non-fungible tokens(NFT)  is associated with an increase in demand for items and services that represent a metaverse: the popularity of online games, digital visual art, and various services related to digital reality is growing.

Using non-fungible tokens fordigital art allows you to clearly record ownership. The nature of digital things often does not imply exclusive right of access to them, but non-fungible tokens make it possible to monetize the right to own such things.

Given the growing influence of augmented and virtualreality in our world, we should expect the rise in popularity of NFT. The demand for them will primarily depend on the demand for virtual things, rather than on the cryptocurrency market. The Internet of Things can also become an additional source of demand for NFT technologies.

The popularity of non-fungible tokens inIt is difficult for Russia to speak yet. We tend to believe that in the foreseeable future NFTs in Russia will remain the lot of venture capitalists and people closely connected with the world of blockchain technologies.

It's hard to say if popularity will helpNFT tokens to raise the investment attractiveness of the creative industry in Russia. This technology has not yet received sufficient distribution in order to be able to seriously talk about the impact of NFT tokens on Russian creatives. We believe that the demand for their works will mainly come from the Western market.

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