According to a new estimate from blockchain analytics firm Chainalysis Inc., roughly $41 billion worth of cryptocurrency was sent to the NFT marketplace and two types of Ethereum smart contracts involving collections from early 2021 to mid-December.
Chainalysis spokeswoman Maddie Kennedy said the metric revises an estimate the firm included in its December report on NFTs, which was based on data as of mid-October.
The popularity of NFTs, or non-fungible tokens, exploded in popularity last year with record-breaking, multimillion-dollar sales and celebrities, such as singer Shawn Mendes, socialite Paris Hilton, and former first lady Melania Trump jumping on the bandwagon.
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