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The NFT market is growing rapidly, with more people investing in NFTs. In 2021 alone, the NFT market reached a $40 billion valuation.
The NFT market has also gone mainstream, with more celebrities and big brands launching their digital projects. Even though non-fungible tokens are one of the most popular topics in the world right now, not many people understand what they are and their impact.
This article will provide you with up-to-date NFT industry statistics to enable you to know how NFTs are changing the world of cryptocurrency and investing. So, let’s get right to it.
20+ NFT Statistics that prove this is not just a trend
NFT Sales Statistics
NFTs reached a valuation of $40 billion in 2021
The Financial Times and Chainalysis Inc., a blockchain analytics firm, reported that over $40 billion was spent on NFTs by the end of 2021. This was a massive leap from 2020’s sales, and there are indicators that the trend will continue to grow.
The most expensive NFT in 2021 goes for over $91 million
Artnet.com reports that the most costly NFT art sold to date is Pak’s “The Merge”, a 3D animated video. Nearly 30,000 buyers bought this NFT in multiple shares for around $92 million. Plus, outlined below in no particular order are the top ten most expensive NFTs below.
- Pak, The Merge – $91.8 million
- CryptoPunk #7523 — $11.75 million
- Beeple, Everydays – The First 5000 Days – $69.3 million
- CryptoPunk #4156 — $10.26 million
- Pak, Clock – $52.7 million
- CryptoPunk #3100 — $7.67 million
- Beeple, HUMAN ONE – $28.9 million
- CryptoPunk #5822 – $23.7 million
- Beeple, Crossroads — $6.6 million
- CryptoPunk #7804 — $7.6 million
CryptoPunks have five of the top 10 NFT sales
Larvalabs created CryptoPunks on the Ethereum network, and they account for five of the top largest NFT sales. In March 2022, CryptoPunk #5822 sold for approximately $23.7 million, and a combination of all five CryptoPunk sales total $56.4 million.
Between Q2 and Q3 2021, NFT trading increased by 704%
According to CNBC, the trading volume in the NFT market grew in the third quarter of 2021 by 704%. The total value of NFTs traded in Q3 2021 was $2.3 billion, a significant surge from $290 million in Q2.
The first quarter of 2022 saw nearly $8 million traded
According to nonfungible.com, the sales volume fell by approximately 50% from what it was in 2021. But despite this reduced volume of buyers and sellers, the market is still standing strong as almost $8 million worth of sales were carried out in the first quarter of 2022.
Moonbirds NFT generated more than $290 million in secondary sales
DappRadar reported that Moonbirds generated almost $150 million in sales in the first week of its launch. This collection has sold a total of $320 million, most from secondary sales.
Axie Infinity has sold over $4 billion worth of NFTs
Axie Infinity, an NFT-based play-to-earn digital game, has sold over $4 billion worth of NFTs, placing it at the top of the list of all-time sales value. Also, they generated $1.3 billion in revenue in 2021. Bored Ape Yacht Club is a close second with over $2.5 billion worth of sales.
More than 50% of NFT sales are below $200
Reports by Artnet.com show that approximately 50% of all NFT sales have a value below $200, with the primary sales going for $100 or less. The reports also state that NFTs with over $1 million in sales value are only about 0.14% of the total NFTs.
A LeBron James’s NFT sold for over $20 million
An NFT of LeBron James sold for more than $21.6 million on the NBA Top Shot marketplace, making LeBron the first athlete to make more than $20 million from NFT.
Eminem sold his first NFT for over $1.5 million
According to Tone Deaf reports, Eminem’s Shady Con collection sold in April 2021 for $1.78 million. This collection, the most expensive NFT sold by a music artist, included different digital action figures that influenced him during his childhood.
Jack Dorsey’s NFT sold for over $2.5 million, but it is now worth $6800
Jack Dorsey sold his first tweet as an NFT for $2.9million on the Valuables platform, making it the most expensive NFT tweet to date. However, the tweet is now worth only $6800.
The most expensive NFT meme sold for close to $4 million
The Doge meme took over from the Disaster Girl meme, which sold for around $570,000, and the Nyan Cat meme, which sold for about $500,000, to be the most expensive NFT meme to date.
NFT Market Statistics
Collectibles are the primary sector in the NFT Industry
Nonfungible.com reports that collectibles are far ahead of digital art, games, and metaverses in the industry. The total trading volume of collectibles for Q1 2022 was over $6 billion, with art and metaverses following closely behind with $673 million and $365 million, respectively.
OpenSea is worth more than $13 billion
The BBC reported that OpenSea, the most popular NFT marketplace globally, is worth more than $13 billion after raising a new $300 million investment.
Over 25 million wallets traded NFTs in 2021
DappRadar reported a rise in NFT trading in 2021. According to the reports, the wallets trading in NFTs increased from 545,000 in 2020 to approximately 28.6 million in 2021.
It costs about $100 to mint and sell NFTs
The average cost of minting and selling NFTs range from $60 to $120, as NFT creation can be costly, and this is because of the blockchain technology used.
Over 200,000 people trade NFTs on OpenSea monthly
CNET reported that OpenSea, which is the most popular NFT marketplace globally, has more than 250,000 active users trading NFTs monthly.
Geographic distribution of NFT users
Countries in Southeast Asia consolidate the bulk of the interest in NFTs
According to nonfungible.com, Singapore, Hong Kong, China, Taiwan, and the Philippines occupy the top 5 positions of countries with major NFT interests.
Over 20% of millennials in the US collect NFTs actively
Morning Consult reported that over 20% of millennials actively collect NFTs as an investment in the US, with the number expected to grow as NFT awareness increases. The research also stated that Millennials are three times more likely to trade NFTs than Gen Z’ers.
Americans make up more than half of NFT investors
According to Christie’s, Americans make up more than half of the NFT investors in the world, as proven by the auction of Beeple’s Everydays: The First 5000 Days. Over 50% of the bidders lived in the US, with Europe as a close second with 27% and Asia coming in third with 18%.
Asia has the top countries with the highest rate of NFT adoption
Finder reported that Asia hosts the five leading countries with the highest NFT adoption, and they range from business in Thailand (27%), Malaysia (24%), business setup in UAE (23%) and Vietnam (17%).
Women in Thailand own more NFTs than men
According to Finder, women in Thailand own more NFTs than men, and this is based on Google Trends. 30% of Thailand women own NFTs compared to about 23% of the men.
NFT adoption in Nigeria is expected to grow significantly by over 20%
NFTs popularity in Africa is growing rapidly, with reports stating that NFT adoption in Nigeria is expected to grow by 21.6%. The expected adoption rate increase for other countries include Peru (14.5%), Colombia (11.9%), the US (3.9$), and the UK (3.3%).
Collectors in California buy more NFTs than any other state in the US
According to Wealth Quint, people in California but the highest number of NFTs than any other US state, with Los Angeles and San Francisco following closely behind.
Over 70% of Americans don’t know what NFTs are
Even though Americans make a large percentage of the total NFT investors in the world, a significant percentage (over 70%) of them don’t know what NFTs are. However, countries like Japan, Germany, and the UK have a higher percentage of people that are clueless about NFTs.
NFT Energy Statistics
Tezos and Polygon emit less than 1% of the carbon generated by Ethereum
CBS reports that an average NFT produces a carbon footprint equal to that created by a single EU citizen for over a month’s electricity use. Unlike Ethereum based NFTs, which produce this large carbon footprint, Tezos, Polygon, and Symbol emit less than 1% of CO2 generated.
Ethereum power consumption is equal to that of Hungary and Qatar
According to reports, Ethereum’s power consumption is comparable to that of Hungary and Qatar as it shows that the power consumption increased by 400% in the last six months.
Ethereum 2.0 technology has the potential to reduce energy usage by over 90%
The official Ethereum platform stated that ETH 2.0 could reduce energy usage by approximately 99%. This will be a major upgrade to the Ethereum network, enhancing sustainability and efficiency.
A physical delivery system backed by proof-of-stake can reduce the carbon footprint of an average NFT
Quarts reported that the carbon footprint of an average NFT could reduce simply by using a physical delivery system backed by proof-of-stake. More alternatives have continued to spring up because the environmental impact of NFTs has become a significant concern for environmentalists across the world.