OpenSea might not be the world's biggest NFT marketplace for much longer... 👀
Setting out the current state of the NFT market, Deutsche Bank said the market "is currently in hypergrowth mode" — and transaction volumes in 2021 were 250 times higher than the year before. Describing the market opportunity for new entrants as "very large," its analysts wrote:
Deutsche Bank has predicted that Instagram's arrival could also attract new artists to start creating NFTs — increasing the supply of digital assets available and creating a "flywheel effect" as the marketplace gets healthier.
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