The NFT market is now worth more than $7 billion, but legal issues facing the nascent sector could hinder its growth, JPMorgan says
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The NFT market has seen explosive growth this year as sales of the digital art items hover at a monthly rate of about $2 billion, JPMorgan said in a Thursday note.
That's a big increase from monthly sales volume of about $400 million at the start of the year, and it has helped drive the market cap of the NFT universe to about $7 billion, according to the bank.
Besides more NFT sales, a spike in the dollar value of many digitized tokens has contributed to the rise in value of the market, with high profile sales of CryptoPunks and work from artists like Beeple fetching tens of millions of dollars.
«The activity in NFT markets appears to be still rather irregular with occasional bursts rather than sustained increases
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