Winklevoss owned NFT Platform Could Now Be Worth Over $1 Billion – Messari
Dedicated marketplace for non-fungible tokens (NFTs), Nifty Gateway is valued at around $775 million to $1.2 billion, a report by Messari reveals. According to the market intelligence firm, the exchange platform owned by famous crypto siblings, the Winklevoss, has its market cap touching $1.2 billion even as the ongoing positive reception continues to progress.
In the report which apparently was necessitated by the huge influx of popular figures such as Soulja Boy, King Leon, and even Jack Dorsey to the NFT movement, Messari aimed to take a compressive view of the unique assets class in view of their performance amidst current market conditions.
In one of its observations, Messari noted that the total traded volume of NFT tokens equaled 29x in growth in February alone, with Nifty Gateway bagging a significant portion of that volume as the largest exchange site in the sector. OpenSea follows closely in rank, as its estimated worth is set between $321 million and $499 million (due to market volatility, it’s hard calculating an exact figure).
As regards the future projections for growth and participation, Messari adopted two varied conservative models to forecast the potential annual revenue for all trading platforms within the NFT ecosystem. The less conservative model was configured to specifically measure the anticipated revenues based on market performance.
Upon using the non-radical approach to study Rarible exchange and its native token, RARI, the analytics firm further speculated Nifty Gateway’s valuation to peak around $5.5 billion and $8.6 billion. If achieved, that would make NFTs the fastest growing digital assets for the year 2021 and likely beyond.
About Non-fungible tokens
NFTs are a form of digital collectibles built on a blockchain network. Currently, the majority of such platforms are created and hosted on the Ethereum Network. Using the concept of blockchain inalterability and cryptographic security as well as other concepts of tokenomics, they are used to mint decentralized virtual items that are signed and protected from duplicity.
NFT for sports and food industry
In the last few weeks and from as far back as 2019, Tokenhell has released countless updates news on NFT-focused startups and also covering the progress of existing ones.
One such notable update is the announcement of the NBA’s NFT franchise, called Top Shot. 30 days after its launch, investors (or rather more technically, item collectors) were seen swapping a considerable amount of money for these cryptographic collectibles. Based on data, over $225 million of digitally represented items were amassed within that period. Meanwhile, popular fast food company Taco Bells floated five taco-branded NFTs on March 8 and sold all within split-seconds for $1.80 each.
NFT for Arts
Aside from the aforementioned industries, NFTs have also made impressive strides in various niches of art, with more and more companies adding to the number of already established ones, teasing the community to buy into very ambitious propositions.
As Messari noted in their reports, the sets of use cases for NFTs would definitely keep on expanding. According to them:
“We expect to see new NFTs emerge as the product-market fit will extend outside just art, into a broad identification layer for all digital assets.”;
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