While nonfungible tokens, or NFTs, have been an integral part of cryptocurrency markets since 2014 but interest in them has grown rapidly over the past two year. At their height in August 2021, the total trading volume of NFTs rose to over $5 billion, kickstarting what briefly came to be to known as “NFT Summer.”

CoinGecko’s report states that NFT sales are expected to grow by more than $800 billion over the next two-years. This report was mainly based on investors from Asia and Pacific. It found that 72% of the 871 respondents already owned at least one NFT. More than half of those who responded said they had more than five.