Important NFT Statistics 2022 That Are Worth Knowing
NFT Statistics: non-fungible tokens or NFT is one of the topics these days. It looks complicated as well as confusing to many. Despite this, the popularity of NFTs has increased manifold within a short span of time. For the uninitiated, it was the year 2021 when non-fungible tokens registered a sharp rise in their sales. The year saw several new records. As a result, many people become curious about NFTs and what their worth might be down the line. While there is no doubt that NFTs have many buyers, it is also a fact that people are still uncertain about how profitable they can be in the future.
From video clips to cartoons, people are purchasing everything as NFTs. Art word has benefited significantly ever since NFTs came into existence. Celebrities, top brands, and influencers have started getting involved in it. Non-fungible tokes are basically digital collectibles with unique data. They live on the blockchain and have the benefit of not being copied or reproduced. In other words, each NFT is uniquely identifiable and therefore it can only exist once in the world. So if you are wondering about the impacts of these digital assets, here we are going to tell you some important NFT Statistics for 2022. These NFT Statistics will help you better understand the trendy NFT.
Key NFT Statistics
- The first non-fungible toke emerged in 2014.
- The total value of NFT sales in the year 2020 was USD 250 million.
- The NFT market witnessed a sharp surge and was valued at USD 40 billion in 2021.
- Sales of NFT grew over 131 times between 2000 and 2021.
- As of 2021, around 28.6 million wallets were trading in NFTs.
- The most expensive non-fungible token ever sold is ‘The Merge’. It was sold for USD 91.8 million.
- An NFT meme ‘Doge’ was sold for over USD 4 million.
- Every week, around USD 10 to USD 20 million worth of NFT is sold on the blockchain.
- Most NFTs, over 50 %, are sold at less the USD 200 and may cost a lot more to mint and sell.
- China is at the top of the list of countries with an interest in NFT opportunities.
- Also, the top 5 countries with the highest adoption of NFT are from Asia.
- Collectible has been so far the most popular form of NFTs.
- While thousands of NFT sales take place every day, 250,000 people trade NFTs every month on OpenSea.
- According to a study, one if four people living in the United States are now aware of NFT.
- 23 % of millennials in America collect NFTs.
- Men are around three times more likely than women to become NFT collectors.
- Twitter founder Jack Dorsey sold his first Tweet via an NFT marketplace.
- NFTs for gaming have declined.
General NFT Statistics
#1. March 2021 most popular month for NFTs
According to nonfungible.com, March 2021 has been so far the most popular month for NFTs. The site tracks NFT transactions on popular marketplaces. It said that during the month there were around 40,000 NFT buyers. However, the number came down to almost 30,000 unique buyers in April and then 25,000 such buyers in May. When compared to 2020, this was a significant surge as most of the months saw less than 10,000 unique buyers.
#2. NFT’s net worth reached over USD 40 billion
According to Financial Times, more than USD 41 billion has been spent on NFTs. A research analyst suggested that the sudden surge in the NFT market was the availability of art that aligned with the ‘digital identities’ of buyers. Also, the number of people who were aware of NFTs grew significantly in 2021 when compared to 2020.
#3. Over 28.6 million wallets were trading NFTs in 2021
According to DappRadar, the popularity of NFT reached its peak in 2021. Also, the wallets trading in NFTs witnessed a dramatic increase during 2021. The number of wallets trading in NFTs increased to about 28.6 million in 2021. This was significantly higher than 545,000 in 2020. While there were some signs of growth slowing towards the end of the year 2021, the total sales of NFT reached around USD 24.9 billion. This was a considerable increase when compared to around USD 94.9 million in 2020.
#4. OpenSea largest peer-to-peer marketplace for NFTs
When it comes to NFTs and cryptocurrency collectibles, OpenSea is one of the biggest digital marketplaces. It has a total trade volume of around USD 6.5 billion. Some other popular marketplaces are CryptoPunks and NBA Top Shot.
#5. Millennials and men are more likely to buy NFTs
When it comes to buying and selling NFTs, it is millennials who get more involved. They are around three times more likely to buy and sell these assets than their Gen Z counterparts. According to research, people are also becoming more interested in collecting physical object and has developed this as a hobby. Around 42 % of millennials in the United States collect something physical too.
#6. The Nyan cat GIF sold for USD 590,000
The legendary Nyan Cat GIF has been around for more than 11 years now. The original GIF was sold for around USD 590,000. For the uninitiated, Nyan Cat was created by Chris Torres. On the 10th anniversary of Nyan Cat, Torres made a remastered version.
#7. People of China most interested in NFTs
The interest in NFTs is increasing at an unprecedented rate. More and more people are getting involved with so many NFT wallets being available. But Statista found that people of China are most interested in NFTs. This was based on the number of searches for the term NFT on Google. Interestingly, Singapore and Venezuela are in second and third positions respectively.
#8. Over 50 % of NFT sales are under USD 200
While there are many NFTs that have fetched high value, more than 50 % of all NFTs didn’t even hit the USD 200 mark. An analysis of NFT trends found that most NFTs sales went for USD 100 or less.
#9. Growth of 131 times from Q1 of 2020 to Q1 of 2021
2021 was so far the best year for NFTs. It registered a growth of over 131 % between the first quarter of 2020 and the first quarter of 2021. This clearly shows a sudden surge among people in NFTs. This surge has made it difficult to know for certain how many people are buying and selling NFTS because of so many online wallets.
#10. Minting and selling can cost up to USD 100
While one can get only around USD 200 by selling an NFT, in 50 % of cases, one also needs to pay for getting the artwork minted and sold. The average cost of this can be anything between USD 70 and USD 120. But there are some who pay thousands. According to the company, creating NFTs can be expensive and can range from between USD 1 to USD 1000. They are expensive because of the use of the blockchain.
#11. Most NFT collectors have yet to recover the cost of purchases
According to a report, a large number of NFT collectors have not been able to recover the cost of investment. The majority of them are still not able to figure out the right way to use their NFT purchases. This generally means that it might a little longer to get a good opportunity to sell them. Also, it is this uncertainty around NFTs that a large number of buyers choose to purchase ‘collectible’ products with which they might have a personal connection.
#12. CryptoPunks behind some of the biggest NFT sales
According to different sources, CryptoPunks – created by Larva labs – is behind the 5 of the top 20 biggest NFT sales of all time. The second most expensive NFT sale to date was a Cryptopunk NFT. It was sold for approximately USD 11.8 million.
NFT Statistics: NFT Trends
#13. Collectible NFTs are the most popular
Interest in NFTs has been continuously increasing in the last couple of years. As a result, there are different types of NFTs that are available for sale. The popularity of the game and metaverse are nothing in comparison to collectible – the most popular form of NFT. According to a website, people are usually more interested in NFTs that they can collect and keep for a long period of time.
#14. OpenSea is now a decacorn
Established in 2017, OpenSea – an NFT marketplace – is now considered a ‘decacorn’. This is because OpenSea is now valued at more than USD 10 billion. According to a report, there were over 936 companies classed as ‘unicorns’ in December 2021. Out of this, 194 are fintech startups, including OpenSea.
#15. Bored Ape Yacht sells over USD 2.5 billion worth of NFTs
As per a report, Bored Ape Yacht Club has managed to collect over USD 2.58 billion from sales of NFTs by March 2022. Despite this, it is not the number 1 project by all-time sales value. Axie Infinity is on top of the chart. For the uninitiated, Axie Infinity is an NFT-based online video game. It has been developed by the Vietnamese studio Sky Mavis.
#16. New NFTs emerge all the time.
A large number of people purchase and own NFTs because of their ‘collectible’ nature. Despite there already being a countless number of NFTs in the art world, new forms of non-fungible tokens are being minted all the time.
#17. More than 360,000 NFT owners
There were approximately 360,000 NFT owners as of 2021. According to the Financial Times and Chainalysis, these people are holding around USD 2.7 million in NFTs. However, just 9 % of them are responsible for approximately 80 % of the market value. This indicates the majority of the NFTs belong to those who hold the most expensive NFTs at the moment.
#18. A third of eSports fans interested in purchasing NFTs
According to a survey, a third of eSports fans were interested in non-fungible tokens. While 20 % of the respondents surveyed showed their interest in purchasing NFTs either as an investment or hobby, 35 % of them said that were somewhat interested.
NFT Markets And Demographics
#19. 29 % of adults in the United States are interested in NFT
According to a survey of March 2021, around 9 % of adults in America claimed to be ‘very interested in getting involved with NFTs. Another 20 % said that they are ‘somewhat interested’ in investing, acquiring, or trading NFTs.
#20. 23 % of millennials collect NFTs
While people of all age groups are interested in NFTs, it is millennials who are most likely to collect NFTs. A survey conducted this year found that 23 % of Millennial respondents want to collect non-fungible tokens either as a hobby or as an investment. Gen Xers and Gen Zers are in second and third positions with 8 % and 4 % respectively. Only 2 % of baby boomers wanted to collect NFTs as either an investment or a hobby.
#21. Collecting physical items is also on the list of Millenials
The survey also found that over 40 % of Millenials are interested in the collection of physical items either as an investment or a hobby. Gen Xers are once again the second-most likely collector of physical items. Around 37 % of them showed interest in it. However, there is a small disparity when it comes to Gen Zers and baby boomers. In this case, it is baby boomers who out collect Gen Zers in physical items. As per the survey, 29 % of baby boomers collect physical items compared to 20 % of Gen Zers.
#22. Men more likely to collect NFTs
Men in the United States are almost three times more likely to collect non-fungible tokens. The survey found that 15 % of males collect it as either an investment or a hobby. On the other hand, only 4 % of females collected NFTs.
#23. Nigeria can be the next big spot for NFT buyers
Nigeria can be the next big spot for NFT buyers. A survey found the number of citizens of Nigeria who own NFTs is expected to grow from 13.7 % to 35.3 %. Peru (14 %), Venezuela (13.5 %), and Colombia (11.9 %) are some other countries with notable increases in NFT adoption.
#24. People earning less than USD 25,000 per year invest as much as those earning over USD 150,000
The popularity of NFT is almost equal in those with lower income groups and higher-income groups. Those who are earning less than USD 25,000 are investing as much as those earning over USD 150,000.
#25. California is far ahead in buying NFTs when compared to other states
California is the state that buys most NFTs. It is followed by Hawaii and Nevada.
#26. Women own more NFTs than men in Thailand
The number of women owning NFTs in Thailand is much more when compared to men. While 30 % of women in Thailand own NFT, the %age of men doing so is just 23 %.
Environmental Impact
#27. Ethereum power consumption is comparable to several countries
Ethereum, the open-source blockchain that hosts non-fungible tokens, consumes around 50 terawatt-hours of electrical energy. This is very much comparable to the yearly power consumption of countries like Hungary and Qatar. Moreover, it releases around 21.35 metric tons of carbon dioxide annually.
#28. Ethereum 2.0 can significantly reduce energy usage
If Ethereum managed to implement its plans successfully, it could reduce the energy consumption of its blockchain by 99.95 %. The good news is that it can happen in 2022 itself.
#29. Cabron’s footprint created by more than a month of electricity usage by a citizen of the European Union is the same as NFT
Generally, it takes a lot of energy to create, distribute and transfer ownership of a non-fungible token. It is believed to be 10 times higher than on the Ethereum blockchain.
Conclusion
NFT Statistics: The unprecedented growth of NFTs has given people the opportunity to transform almost everything into NFTs. This is mainly because of the flexibility of the new concept. On top of that, buyers get a more secure environment for trading and managing their assets because of the use of the blockchain. As this is a relatively new thing, it is still evolving. As a result, companies are now exploring opportunities to split NFTs up into fragments. This will also several people to own a ‘piece’ of art, gaming history, internet, or any other thing. Undoubtedly, new and exciting NFT statistics are in the offing.
Sources
FAQ.
Non-fungible tokens or NFTs work on blockchain technology. The distinctive construction of each NFT gives them the potential for several different applications. NFTs, apart from removing intermediaries and connecting artists to audiences, they can also serve as identity management platforms as they are developed on blockchains.
With the development of technologies, nothing seems to be impossible. This is why if fraudsters managed to steal your login details, they can access and trade away the NFTs you own. This would not take much time and hence is very difficult to track. So keeping a strong password and adding two-factor authentication can decrease the chances of an account being hacked.
Barry is a lover of everything technology. Figuring out how the software works and creating content to shed more light on the value it offers users is his favorite pastime. When not evaluating apps or programs, he's busy trying out new healthy recipes, doing yoga, meditating, or taking nature walks with his little one.
