The latest NFT statistics suggest Non-Fungible Tokens may be one of the most exciting trends to ever hit the cryptocurrency landscape. In 2021, NFT sales hit a massive $25 billion, with countless individuals purchasing everything from video clips to cartoon monkeys.
While the art world has benefited significantly from the rise of NFTs, countless top brands, celebrities, and influencers have also begun to get involved. Out of nowhere, demand for NFTs has token the world by storm.
Today, we’re going to be taking a closer look at the Non-Fungible Token ecosystem, and how it’s changing the world of investing and digital currency as we know it.
Here are the top NFT statistics you need to know in 2023:
Key NFT Statistics: Editor’s Choice
- The NFT market is now worth more than $40 billion, and valuations keep rising.
- There are around 28.6 million wallets trading NFTs as of 2021
- China is the country with the biggest interest in NFT opportunities
- The most expensive NFT either sold for $532 million or $91.8 million
- Most NFTs sell for less than $200, and may cost up a lot more to mint and sell
- NFT sales grew by 131 times between 2020 and 2021
- Collectibles are the most popular form of NFTs
- Thousands of NFT sales happen per day
NFT Statistics: General NFT Statistics
1. NFTs Became a $40 billion Market in 2021
According to the Financial Times, while only a niche group of crypto enthusiasts were aware of NFTs in 2020, the landscape quickly exploded in 2021. By the end of 2021, almost $41 billion was spent on NFTs, according to global data.
A research analyst, Mason Nystrom, said a major reason for the NFT market growth was the demand buyers had to purchase art that aligned with their “digital identities”.
2. Around 28.6 million wallets traded NFTs in 2021
A market tracker report from DappRadar demonstrated the rise of popularity in NFT trading during 2021. According to the company, though there were signs of growth slowing towards the end of the year, NFT sales volumes totalled around $24.9 billion in 2021. This was a huge increase compared to around $94.9 million in 2020, per the DappRadar data.
Notably, the wallets trading in NFTs also increased dramatically during 2021, increasing to about 28.6 million, from around 545,000 in 2020. The most sought-after pieces were typically the most volatile.
3. OpenSea is the Largest NFT Marketplace
An exploration of the NFT marketplace by Cara Williams references OpenSea as the largest peer-to-peer marketplace for NFTs, with a total trade volume of around $6.5 billion. The company has also helped to launch the rise of range of other competitors, like Axie Infinity, which trades around $2.1 billion at present.
Other well-known marketplaces include the CryptoPunks website and the NBA Top Shot marketplace.
4. Millennials are 3 times as likely as Gen Z to buy NFTs
According to research from the Morning Consult, millennials are the demographic most likely to get involved with NFTs. In fact, Millennials are three times more likely to buy and sell these assets than their Gen Z counterparts.
The study also showed general interest in NFTs is growing, based on a deep love of “collecting”. Around 1 in 3 US adults said they collect some form of physical object as a hobby. Around 42% of millennials collect something physical too.
5. China is the country most interested in NFTs
Worldwide, the interest in NFTs is accelerating at an incredible rate. People worldwide are getting involved, particularly with the rising number of NFT wallets now available. According to research into the number of searches for the term “NFT” in Google, however, Statista found that China is the country most interested in NFTs.
China is followed by Singapore, Venezuela, and Hong Kong in their volume of searches. It’s perhaps unsurprising that China is so interested in the concept of NFTs, considering the country’s interest in cryptocurrency, Blockchain, and Bitcoin.
NFT Statistics: Sales Figures
6. The most expensive NFT sold for $532 million
Discussions about the most expensive NFT sold until now are often surrounded by controversy. Some argue that the Beeple’s Everyday artwork, which sold for around $69 million is one of the most expensive pieces in the world. However, an NFT apparently sold for $532 million in October 2021.
The NFT in question was a CryptoPunk, which was purchased using money borrowed via a “flash loan” (a kind of smart contract loan). The complexity of the NFT transaction means many people argue the sale wasn’t actually a legitimate one.
7. Pak Sold 250,000 NFTs for $91.8 million
While some people argue the Beeple art piece is the most expensive NFT ever sold, others say it was the collection of 250,000 NFTs sold by Pak (An anonymous artist) for $91.8 billion. The collection of pieces was sold on the Nifty Gateway and was named the largest ever art sale made by a living creator.
Notably, the selection of art pieces didn’t go to a single collector. In total, around 26,000 collectors got involved purchasing products from the brand.
8. Most NFT Sales are Under $200
Following a number of NFT marketplaces releasing numbers about the average price of a piece, Kimberly Parker, an artist, conducted her own research into the prices most NFT products were really going for.
The research revealed a majority of sales actually come out at under $200. This means for now; it’s still possible for a lot of collectors to get involved with the NFT environment. It also means artists considering selling their work on the exchanges may need to reconsider what they think about pricing.
9. Minting and Selling NFTs Costs Around $100
While the average price you sell an NFT for may only come in at around $200, you may also need to pay around half of this to have the artwork minted and get sold. The average cost usually ranges around $70 to $120, but some people pay thousands.
Creating NFTs can be an expensive process because of the use of the blockchain. A company called Slate even found the cost of creating an NFT can range from between $1 to $1000, depending on the processes used.
10. NFT Sales Grew 131 Times from 2020 Q1 to 2021 Q1
According to NonFungible.com, the number of sales happening in the NFT world is astronomical at present. The market had an incredible 13118% growth between the first quarter of 2020 and the first quarter of 2021. This highlights a rapid increase in the number of buyers and sellers.
At present, it’s difficult to know for certain how many people are buying and selling NFTs, simply because it’s difficult to track all of the wallets online.
We do know, however, NFT trading volume added up to around $11 billion in quarter 3 of 2020, before rising to $25 billion by the fourth quarter.
11. Most NFT Collectors haven’t recouped the costs of purchases
According to the Financial Times, the majority of new NFT collectors have yet to recoup the cost of their investment. Many investors are still figuring out how to use their NFT purchases correctly. This usually means it might take a little longer to figure out the best opportunity to sell.
The uncertainty surrounding NFTs is why a large number of buyers choose to purchase “collectible” products they feel they have a personal connection to.
12. Cryptopunk NFTs are some of the biggest sellers
Various sources, including Wikipedia, list the top most expensive sales for NFTs over the last couple of years, highlighting everything from The Merge, to Beeple Everyday. The series of NFTs best-known as CryptoPunks was created by Larva labs and is currently responsible for 5 of the top 20 biggest NFT sales of all time.
The second most expensive NFT sale to date was a Cryptopunk NFT which sold for approximately $11.8 million. As one of the initial examples of NFTs, the Cryptopunk landscape is widely regarded to be extremely valuable.
NFT Statistics: NFT Trends
13. Collectible NFTs are the most popular
As interest in NFTs has increased in the last couple of years, we’ve seen an increase in the various types of NFTs now available for sale. Currently, the game and metaverse environments for NFTs are rapidly increasing in value, but they’re nowhere close to the most popular form of NFT – the collectible.
According to NonFungible.com, people are generally most interested in buying NFTs which they can collect and hold onto for long periods of time.
14. New forms of NFTs are being minted all the time
The “collectible” nature of NFTs makes it easier to create a wide range of assets for people to purchase and own. We’ve seen countless NFTs in the art world, but there are also new NFTs emerging all the time from different environments.
For instance, Jack Dorsey sold his first ever Tweet for $2.9 million. As the creator of Twitter, Dorsey’s tweet represents a moment in history for collectors.
15. Thousands of NFT Sales Happen Every Day
Data collected and shared by NonFungible.com indicates that thousands of NFTs are currently being purchased and sold every day. Around 15,000 to 50,000 sales happen each week. This is a massive increase since 2017, when only around 100 sales happened on a weekly basis.
Not only is the number of sales increasing, but NFT values are increasing at the same time. NFT sales now range anywhere between $10 million and $20 million per week. However, there have been weeks during 2021 when the weekly sales came closer to around $170 million.
16. As of 2021 there are around 360,000 NFT owners
According to the Financial Times and Chainalysis, there are approximately 360,000 NFT owners holding around $2.7 million in NFTs between them. However, around 9% of the total group is responsible for approximately 80% of the market value.
This indicates the majority of the value in NFTs belongs to a number of whales holding the most expensive NFTs at the moment. This is similar to many whales sitting on hundreds of millions of dollars in cryptocurrency investments.
17. More than a third of esports fans are interested in NFTs
Research shared by the Morning Consult in 2021 found that around a third of eSports fans were interested in collecting NFTs. Around 20% of the 2,200 respondents surveyed for the study said they were very interested in purchasing NFTs either as an investment or hobby. Another 35% of respondents say they were somewhat interested.
The same report also showed a significant difference between men and women collecting NFTs. According to the findings around 15% of male respondents collected NFTs already, while only 4% of female respondents collected NFTs.
18. The Most Expensive NFT Meme Sold for $4 million
An excellent example of how almost anything can be transformed into an NFT today, the most expensive meme in the world was sold for $4 million. The iconic “Doge” meme is intended to be sold on the market in 17 billion pieces to collectors around the world.
Originally, the most valuable meme NFT was Nyan Cat, which was sold for around $500,000. However, many experts expect the value of the meme to be much higher today.
NFT Statistics in 2023: Bottom Line
Demand for NFT opportunities is growing all the time, particularly thanks to the flexibility of the new concept. People can transform everything from services to gig tickets into NFTs for their customers to purchase, collect, and re-sell. The use of the blockchain also creates a more secure environment for trading and managing assets.
At the same time, the rise of NFTs is also leading to an increase in the number of methods people have for getting involved with these kinds of assets. Recently, companies have begun exploring opportunities to split NFTs up into fragments, so everyone can own a “piece” of art, internet, or gaming history, rather than purchasing a full asset.
There’s no doubt we’ll continue to see new and exciting NFT statistics in the years ahead!
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