The NFT market has become one of the most successful areas in recent years. If the first NFT created by Kevin McKoy was from 2014, it is a few years later that the popularity of NFTs will take a great leap.
Why talking about the NFT market?
An NFT or non-fungible token is a unique, verifiable and authentic digital asset. The value that NFTs bring to dematerialized property is scarcity. Scarcity will give counterfeit, copied or plagiarized works a “digital value”. The NFT market has managed to penetrate a multitude of areas by recreating added value to digital possessions. If we consider that the cost of producing an NFT varies between $70 and $150, it is easy to grasp the almost spectacular return on investment from which many NFT players have been able to benefit.
Although it is complex to assess this very undulating and fast-paced market, we have compiled some key NFT figures for the year 2021 and the start of 2022.
NFT market size
- The NFT market is estimated at $44 million. (Source: Chainalysis)
- OpenSea is considered the largest and the most important NFT Marketplace. It is also the most used of all.
- The commercial value of OpenSea is estimated at less than $90 million every month or so.
General sales statistics in the NFT market
- More than 50% of NFT sales do not reach $200.
- NFT’s weekly sales volume has gone from 100 sales in 2017 to 15,000 or even 50,000 in 2022. This is an awesome increase.
- On the Nifty Gateway platform, sales exceeded $250 million for 2021. Monthly sales were estimated at around $500,000.
- NFTs have generated an expenditure of approximately $41 billion in cryptocurrency for the year 2021.
- The Play-to-earn model which is a trend in the NFT market reaches a revenue of $776 million in the 3rd quarter of 2021.
- The NBA Top Shot records a transaction volume of more than $600 million.
The fastest growing NFT market segment is collectibles, such as with Cryptopunks, Bored Ape Yatch Club, Mutant Ape Yatch Club, Clone-X, etc.
An increase in users number on NFT marketplaces
- The OpenSea platform has at least 250,000 monthly active users selling and buying NFTs.
- Between 2020 and 2021, there has been a 450% increase in the number of unique NFT buyers. It went from a monthly volume of 10,000 buyers to 40,000.
- The artwork The Merge by artist Pak is the most expensive NFT sold in the world for the tidy sum of $91.8 million.
- The NFT collection with the highest transaction volume is the Bored Ape Yatch Club (BAYC) estimated at $2.5 billion. The floor price of a BAYC today is $215,000.
- The following is the collection of NFT cryptopunks with an estimated transaction value of $2.1 billion. We note as a floor price today for a cryptopunk the sum of $210,000.
- The most expensive NFT video sold was of Beeple named Crossroards, for $6.6 million.
- The highest priced NFT meme is Doge, a Japanese dog breed, for $4 million.
- The most expensive NFT Tweet is by Twitter CEO Jack Dorsey for $2.9 million.
- When it comes to selling virtual lands, the most expensive NFT is on Axie Infinity, which is $1.5 million.
- The most expensive NFT song sold was for $1.33 million.
- The NFT Nyan Cat GIF sold for $590,000.
Ecological cost of NFTs
- The Ethereum blockchain is very energy intensive. For a transaction carried out on this blockchain, the energy consumption is around 77 Kwh.
- For one year, the electricity consumption of the Blockchain Ethereum is estimated at more than $6 billion. (Source: Gary Cook, Director of International Research at Green Peace)
- The Ethereum blockchain alone releases almost 22 tons of carbon dioxide annually.
- Ethereum 2.0 technology wants to drastically reduce its energy consumption by 99%.
- The carbon footprint of an NFT transaction is equivalent to that of the average monthly electricity consumption of an individual in Europe.
- On the other hand, the Solana blockchain is much less energy intensive than Ethereum, with each transaction consuming approximately 0.00051 kWh.
- The Blockchain Polkadot is on a very reasonable energy consumption of 0.8 kWh per year.
- Singaporeans, Chinese and Venezuelans are respectively the populations the most involved in NFT trading.
- Nigeria is a country that is more likely to have the strongest progress in terms of NFT trading in the years to come. It would range from 13.7% to 35.3%.
- 35% of esports fans are interested in NFTs.
- 23% of millennials in the US are NFT collectors.
- 30% of women versus 23% of men in Thailand collect NFTs.
- 70% of the American population is not informed about what an NFT is.
- 3.5% of French people have already purchased NFT.
- 49% of 18 to 24 year olds in France are open to the possibility of buying NFTs. (Source: IFOP)