NFTs, or non-fungible tokens, are digital certificates stored on a blockchain that prove ownership of a certain asset. Non-fungible tokens, also known as art tokens, are unique assets that may be used in a wide range of contexts, including but not limited to gaming, collecting, and finance.
The NFT field is still ripe with untapped potential since NFTs allow people to possess property as a transferable digital token. NFT technology is being used to boost widespread adoption via the Ethereum Name Service (ENS), which allows users to assign meaningful names to standard blockchain addresses.
This article presents crucial facts providing users with a view of the current level of acceptance of these irreversible digital certificates of ownership, which will revolutionize the world.
Statistics on the NFT Market
The value of the NFT industry is above $11.3 billion. If it helps, this is the same as the GDP of many smaller nations, including Kosovo, Togo, and Somalia. The NFT market is so massive that its worth exceeds that of the whole national economies of numerous countries.
In addition to these numbers, Verified Market Research (VMR) forecasted that the NFT space’s overall market value would increase to $231 billion by 2030, a CAGR of 33.7% over the next eight years.
Right now, collectibles are the primary factor in the expansion and demand for NFTs. They began in the music and art sectors and have since spread fast into the film industry, the fashion industry, the gaming industry, the metaverse, the ticketing industry, the supply chain, and the high-end retail sector. NFT technologies have spread to almost every industry and quickly expanded beyond social status symbols.
Detailed Data on NFT Ownership
It is interesting to note that almost half of all documented NFT sales are less than $200, demonstrating that a big portion of NFT development happens at a grassroots level and that persons earning less than $25,000 a year invest at a comparable pace to those making over $150,000 a year.
Finder’s study shows that NFT usage is highest in Southeast Asia, namely the Philippines (32%), Thailand (26.6%), and Malaysia (23.9%).
Nigeria is expected to have the highest adoption rates since 21.7% of the population does not have an NFT but intends to get one shortly.
Buying of NFTs in California is higher than in any other state, and the percentage of people who possess one in the United States is at 4%, up 100% from the previous year. However, most of the world’s population is still unaware of what an NFT is. When questioned, over 80% of the UK populace did not know what an NFT was, while 70% did not know in the US.
Statistics on NFT Growth
The market for NFTs exploded and saw parabolic growth in 2021. With the stock market soaring, a flood of investment dollars poured into the sector. NFTs have survived despite opposition from those concerned about the environment, and others who believe the market is in a speculative bubble and the bear market is pushing the industry toward more practicality.
NFT trading volume increased by around 700% from Q2 to Q3 of 2021. Between 15,000 and 50,000 NFTs are traded weekly across several exchanges, which grows daily. It’s clear from this number that NFT trading volume has increased significantly since 2017, when it was consistently under 100 NFTs per week.
There were 1.85 million transactions on OpenSea in September 2022, 300,000 wallet addresses engaging with smart contracts, and 350,000 ETH traded. Moreover, the number of users and transactions is stable despite the declining total volume.
According to Statista’s research, the overall market valuation of NFTs increased by about 10 times between 2018 and 2020. Projects like NBA Topshot produced close to a billion dollars in revenue. Sales of NFTs increased by a ratio of 131 between Q1 of 2020 and Q1 of 2021. Indeed, the market for digital collectibles is the fastest-expanding sector of the digital asset industry.