8 November, 2021
Let’s begin by trying to determine what stage of evolution the market is currently in.
The first NFT Art project on Ethereum was Curio Cards. That’s right, these cards were created before the famous CryptoPunks back on May 9th, 2017. So, if we take that as the starting line for the creation date, then the NFT art market would be less than 4 and a half years old (at the time of writing).
Compare that to traditional markets:
Christie's auction house, created in 1766 – 255 years old
London Stock Exchange, created in 1801 – 219 years old
First cryptocurrency (Bitcoin), created in 2009 – 12 years old
Using the information above we can determine that the NFT market is still very much in the infancy stage of its life cycle, and therefore, it arguably has a lot more room for growth.