The digital art and NFT market exceeded $40 billion in 2021 | |
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| At the beginning of last year, few people had heard about non-interchangeable tokens (NFT), and only a small number of crypto enthusiasts were interested in them. However, by the end of the year, the digital art and collectibles market had reached almost $41 billion, making it almost as valuable as the global art market. A sharp increase in community interest in digital art objects has been observed since March 2021, when a digital collage by the artist Beeple was sold at Christie's auction 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 objects. At about the same time, numbered collections of digital art objects appeared on the market, the authenticity of which is also confirmed with the help of NFT tokens. "The core value is still exclusivity," says Mason Nystrom, an 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 Chainalysis analytical group, 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 global art market at $50.1 billion at the end of the year. Chainalysis analysts found that the popularity of NFT helped attract a huge number of small investors from around the world to the cryptocurrency market. Small transactions of less than $10,000 account for more than 75% of the total number of transactions conducted in the segment. As in the cryptocurrency market, the NFT market is dominated by several major players. In the period from the end of February to November 2021, about 360 thousand owners of digital art objects in total held 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, scams and market manipulation, especially because the real identities of buyers and sellers often remain unknown. Despite this, enthusiasts are confident that NFTS will contribute to the development of e-commerce in the metaverse and over time, new opportunities and services will be offered to users based on them. | |
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