2021 had been a massive year for the NFT’s and now we have started to see the first instances of its adoption into the mainstream, taking place. Dozens of well-known celebrities across the entire world like Stephen Curry, Shaq, Jay Z and influencers like Gary Vee and Logan Paul have started to enter the NFT space. To add on, brands such as Disney, Nike, Adidas, and many others have started to create and sell their very own NFT’s. In terms of its magnitude, we have also witnessed a multimillion-dollar worth in sales throughout this year. Billions of dollars were in-fluxed into the NFT space, to purchase single edition NFT's, as well as to support the infrastructure that the entire space is build out on. In 2021 the sales of NFT were roughly around $27 billion which had projects like Crypto Punks, Board, Api Club, Cool Cats. We also had some phenomenal artists that have had a breakout year such as Beeple, X, Copy, Pop, Wonder and others as well.
NFTs, have really been the talk of the town. Their applications range from Metaverse Land, music, NFT’s, Fashion to Ticketing. To have a better perspective of NFT’s progress, lets reflect upon the implications of NFT’s in one the sectors mentioned below. While highlighting the importance of NFT’s, we will also understand that why we feel, 2022 is going to be a breakout year. One definitely should not miss on it. It is still incredibly early to witness the NFT waves. One may have missed the Avatar and Artwave but the other waves for these specific NFT sectors have not come just yet.
NFT’s are a genre. They are an entire asset class that includes a multitude of things. One of the major sectors that we will be discussing further on, and can have a breakout year in 2022, is going to be Fashion NFT's. We have already witnessed major clothing companies like Nike, Adidas Underarms starting to take a foothold within the NFT and Web Three space. Nike bought out their very own NFT collection from Artifact and acquired that brand entirely for Metaverse clothing. It was then Adidas that partnered up with Bourde Beach Club, G Money Punks Comic and released their very own NFT collection that netted $23 million. We also then have Under Armor coming into this space, in collaboration with Stefan Curry and their brand aims to pump out Metaverse sneakers for the Sandbox, the Central Land and Gala Games.
Fashion within the Metaverse is going to be a huge thing. It's going to be a way for us to represent ourselves and represent our identity in our digital form, just like how we are in our physical reality. Generally, we represent ourselves through the clothing that we wear. So, the shirt, the hat, the glasses, the sneakers, whether it's Nike Adidas, Under Armor or whatever other brand of sneakers is out there, what you end up choosing ends up being something, that you identify with. That's not going to be any different within a Metaverse, and honestly, there's going to be plenty of cooler options you're going to be able to do in the online world than you would be able to do in the physical. What's really vital about this is that people out there can see the amount that is being released. So, within the blockchain, transaction history can be seen as well as how many of these clothing items will be made available to the public. Some of these items, like in real life, could be very high end collective capable, such as, let's say, a Travis Scott Jordan one sneaker.
The fashion industry is massive and according to Fashion United, the value of the entire fashion industry is worth $3 trillion, which is insane. Now for Metaverse fashion to even get close to that, it is still yet to be seen. But for right now, as we continue to get more immersed into the online world and the Metaverse continues to develop, it's only going to be more prevalent that we start representing ourselves digitally through these digital forms of fashion.
Incredible things might start to blossom up within this space, whether it be people creating their very own fashion brands, people starting to flip and starting to collect items from certain fashion companies releasing these NFC wearables and other things as well. Within 2022, it's going to be a hot space to start looking at. We had already seen it during the end of 2021, with major fashion brands starting to release their very own NFT’s and making moves within the Web 3.0 and Metaverse space. We think we're going to see a lot more of that within this year next year and up next.
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