2020 was a year of innovation for the blockchain world in which not only decentralized finance attracted investors around the world but also in which NFT collectibles like MeMe, Rarible, and Aavegotchi took the world by storm.
The stage has now been set for NFTs to keep growing in 2021 as global interest in blockchain and cryptocurrency keeps rising, NFT market infrastructure becomes more solid, and awareness of the potential of NFTs for different industries is on the rise.
The Year of the NFT
It is estimated that the market capitalization of NFT collectibles grew by $150 million during 2020 to reach an astounding $350 million on the global scale.
Now, the popular blockchain network has decided to capitalize on the increasing interest in NFT collectives by collaborating with Terra Virtua’s existing and already popular NFT ecosystem.
Elrond is a highly scalable, fast, and secure blockchain platform that was built in 2019 for scaling at the internet level
Elrond’s use of its “Adaptive State Sharding”, combines state, Transactions, and Network sharding, into a solution that improves communication inside the shards and increases performance via parallel processing.
This, combined with the multi-chain capabilities of Terra Virtua, will allow developers and users to innovate in the way that NFTs can be interacted with, as well as improve accessibility and transferability.
The Benefits of NFTs
According to Beniamin Mincu, Elrond’s CEO:
“There are important asset classes whose value immediately increases once they become globally available and immediately transferrable. The tokenization of everything is going to be a megatrend that the entertainment business is already leading. We’re happy to join forces with Terra Virtua and significantly expand the NFT space”