In most simple terms NFTs are unique digital assets stored on a blockchain, a form of digital ledger, that can be sold and traded. Types of NFTs may range from photos, videos, and audio. In many ways, 2021 was the Year of NFTs. It was an unprecedented ascent that gave creators the ability to monetize their work easily and provided collectors with an efficient way to purchase.
The PwC Turkey Deal Analytics Team launched its first report covering NFT markets, one of the top trending topics in 2021 globally. This report analyses big data between 1 April and 25 September 2021 comprising ERC-721 transactions. ERC-721 is the most common standard used in creating and trading NFTs on the Ethereum blockchain. In this document, the authors share their observations of the markets with an aim of opening the door to further research and analysis in the future, the scope of which may range from enabling technologies to issues around environment and energy consumption to regulations