Digital art and NFT market surpasses $ 40 billion in 2021

At the beginning of last year, few people heard about non-fungible tokens (NFT), and they were only of interest to a small number of crypto enthusiasts. However, by the end of the year, the market for digital art and collectibles had reached nearly $ 41 billion, making it almost as valuable as the global art market.

Image Source: The Financial Times

There has been a surge in community interest in digital art since March 2021, when the artist Beeple’s digital collage was auctioned at Christie’s for an incredible $ 69.3 million. After that, numerous artists, musicians, athletes and other celebrities began to show more interest in NFT. tokens, creating and trying to implement their own digital art. Around this time, numbered collections of digital art appeared on the market, which are also authenticated with NFT tokens.

“The core value is still exclusivity.”– said Mason Nystrom, analyst at Messari, a cryptographic data company. He also noted that some exclusive digital items emphasize the club status of their owner, as well as open access to opportunities that are not available to others.

According to the analytical group Chainalysis, which researches the cryptocurrency market, as of December 15, 2021, the volume of the NFT market was $ 40.9 billion. For comparison, UBS and Art Basel estimated the world art market at $ 50.1 billion at the end of the year. Analysts Chainalysis found that the popularity of NFT has attracted a huge number of small investors from around the world to the cryptocurrency market.

Collectible Pixel CryptoPunk Badge at Bus Stop / Source: Dia Dipasupil / Getty

Collectible CryptoPunk Pixel NFT Badge at Bus Stop / Source: Dia Dipasupil / Getty Images

Small transactions of less than $ 10 thousand account for more than 75% of the total number of transactions carried out in the segment. As with the cryptocurrency market, the NFT market is dominated by several large players. Between late February and November 2021, around 360,000 digital art owners held a total of approximately 2.7 million NFT tokens. At the same time, 9% or 34,400 digital wallets hold up to 80% of the total volume of the global NFT market.

It is also noted that unregulated space is prone to fraud, scam and market manipulation, especially as the real identities of buyers and sellers are often unknown. Despite this, enthusiasts are confident that NFTs will drive the development of e-commerce in the metaverse and, over time, will be offered to users with new opportunities and services.

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