People have had an interest in collecting things for ages. According to Forbes, the capitalization of this market in 2016 equaled $370 billion worldwide. That said, the collectibles market has begun to go through some dramatic changes even before the introduction of blockchain.
First, eBay has taken trading to a new level, making it a lot easier to exchange things for collectors located in different corners of the Earth. Then, online gaming introduced a new group of items to collect — digital artifacts.
This was a booming market way before the introduction of crypto collectibles. So it’s no surprise that, once blockchain-powered games with non-fungible tokens were introduced, game artifact collectors, as well as standard gamers, quickly turned their attention to this new, more reliable alternative.
The current best estimates show that NFT sales volume, including multiple blockchains and "off-chain" transactions, has put the total 2021 sales volume at $13.2 billion, with $10.7 billion in the third quarter of 2021 alone - up more than eightfold from the previous quarter (source: DappRadar).
Gaming-related NFTs have also surged, with the blockchain-based game Axie Infinity leading the play-to-earn sector with $776 million (roughly Rs. 5,780 crores) in Q3 revenues, according to DappRadar. And this is only the beginning, as games are the next big thing in the NFT market.