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NFT Sales Rises by 21,000% to $17.6 billion in 2021

NFT Sales Rises by 21,000% to $17.6 billion in 2021

The non-fungible token (NFT) marketplace is booming with sales jumping by more than 200 times in 2021, according to a new report which also highlights how NFTs have become precisely that, a marketplace.

Sales of NFTs jumped 21,000 per cent to more than $17.6 billion (almost €16 billion) in 2021, up from $82 million (€74 million) a year earlier according to the report from NFT data company Nonfungible.com, developed in partnership with BNP Paribas-owned research firm L’Atelier.

NFTs are unique digital assets, which can be thought of as digital collectibles that include art, gaming, or other creative products that are recorded on a blockchain or digital ledger.

But the market has been criticised for being a bubble and the report shows it is exactly a buyers’ market.

The number of buyers rose almost 2,962 per cent last year, while the number of sellers increased by 3,669 per cent.

Read More: Global Blockchain Funding Rises by 713% YoY to $25.2 Billion in 2021

The report also found NFTs were being kept 48 days on average in 2021 before being sold, compared with 156 days the year before.

The most valuable NFTs

Last year, a token representing a collage by the digital artist Beeple sold for a record $69 million (€62 million) at the auction house Christie’s.

The most popular category of NFTs was collectibles, which accounted for $8.4 billion (€7.6 billion) worth of sales.

NFT collections like Bored Ape Yacht Club, a collection of 10,000 digital collectibles on the Ethereum blockchain have also spiked in popularity, boasting a 7-day sales volume of $32.2 million (€28 million).

About Bukola Olanrewaju

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