NFT sales accounted for 2% of the global art market in 2021

NFT sales accounted for 2% of the global art market in 2021


The volume of transactions with contemporary art in the form of non-exchangeable tokens (NFT) was $235 million in 2021 (the reporting period ended in June). That's 2% of the global art market, and if we take into account only online sales, it's almost a third. This data is contained in a study by Artprice, the results of which were published on October 4.

The most expensive was the work of American artist Beeple's Everydays: The First 5000 Days. The blockchain entrepreneur from India bought it for $69.3 million in March 2021. Kaws and Takashi Murakami, meanwhile, were the most popular. For the year they sold 1,682 and 1,591 digital paintings respectively. A total of 22 million authors were registered at the auctions, 60% of them under the age of 40 years old.

Experts noted that the interest of investors directly to the NFT is growing, as well as the entire crypto-industry in general in 2020-2021. The market has been driven by restrictions on offline events due to the coronavirus pandemic. In the current situation, society has started to look at virtual assets differently.

World-renowned companies are also embracing digital trade. In particular, in September, the Italian fashion house Dolce & Gabbana sold a collection of Collezione Genesi for $ 5.65 million through the UNXD marketplace. The glass suit was priced the most highly by buyers. For this lot, an unknown investor paid 351.38 ETH, which at the exchange rate at the time was about $1 million.

Meanwhile, states began to actively work on the launch of central bank digital currency (CBDC), which should become a legal alternative to traditional means of payment. Thus, the U.S. Federal Reserve (Fed) told reporters that it will publish a document evaluating the pros and cons of a new form of money in the near future.


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