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$2 billion Ethereum NFT sector finds a way to legacy bank BNP Paribas

A private subsidiary of the French bank took a liking to the fast-growing NFT space in its latest note.

The next frontier?

Non-fungible tokens (NFTs) just got covered in a report published by L’Atelier, an independent subsidiary of legacy French bank BNP Paribas, last week, a report on Forbes said Monday. The crypto subsector has grown from strength-to-strength in the past year, building on a much larger run in the DeFi sector.

Big congrats to @nonfungibles on releasing their 2020 Annual Non-Fungible Tokens Report! @NathalieBcht, @latelier & I thoroughly enjoyed partnering with them on it: key takeaways from the report & my personal observations a/t #NFTs. A long-ish 🧵👇: — Nadya Ivanova (@nadyaivanova) February 16, 2021

BNP Paribas is the world’s 8th largest bank by total assets and currently operates with a presence in 72 countries. As such, the bank’s L’Atelier division identifies market opportunities and in digital and virtual markets and publishes research and analysis on new segments.

NFTs caught the division’s attention. The subsector, for the uninitiated, consists of blockchain-based digital assets that represent the ownership (and uniqueness) of a wide range of tangible and intangible items. These can include digital art cards like Cryptopunks and Hashmasks or entire virtual lands like Axie Infinity.

“People that we see currently are actually truly profiting from non-fungible tokens. For the first time last year, we saw portfolios and profits in the hundreds of thousands of dollars. I think it’s just a question of time until we actually see the first millionaires,” Nadya Ivanova, COO of L’Atelier, in the report.

EMERGING ASSET CLASS: NFTs are slowly moving from being purely speculative to value creating. This signals that NFTs could become a leading emerging #asset class for the Virtual Economy, and a major driver of economic activity in virtual worlds. — Nadya Ivanova (@nadyai...
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