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NFT Market Grew 21,000% in 2021 with 470 Wallets Making Over $1 Million, Says Latest March 2022 Report

NFT sales jumped to $17.6 billion in 2021, according to a new report from NFT data tracker Nonfungible.com.

When compared to the 2020 figure of $82 million, the NFT market exploded in value by 21, 000%.

The $17.6 billion figure is still lower when compared to an earlier projection from Chainalysis that put the figure at more than $40 billion in total sales over 2021.

According to Nonfungible.com, its data rules out transactions involving bots and wash trading, a practice where investors simultaneously buy and sell an asset to artificially inflate market activity.

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SEE ALSO: EXPLAINER: 8 NFT Terms You Hear a Lot and What They Mean

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Some of the blockchains tracked by the report include:

  • Ethereum (ERC-721 token standard
  • Flow
  • Robin
  • Starkware

The report also revealed the following data that highlights just how much the NFTs market grew in 2021:

  • Over 2.5 million crypto wallets belonged to people holding or trading NFTs in 2021 compared to 89, 000 in 2020
  • The number of buyers rose to 2.3 million from 75,000
  • Investors generated over $5.4 billion in profits from NFT sales
  • Over 470 wallets managed to make profits in excess of $1 million

When it comes to categories, collectibles witnessed the most sales value, accounting for $8.4 billion in sales. Examples of collectibles that drew huge interest in 2021 include CryptoPunks and Bored Apes. Here is the ranking of the leading NFT categories with their sales value:

  • Collectibles at $8.4 billion
  • Gaming NFTs at $5.2 billion
  • NFT art at $2.79 billion
  • Metaverse at $513.8 million
  • Utilities at $530.8 million

Axie Infinity, the popular NFT game, accounted for 19% of the $17.6 billion in total NFT transactions last year at $3.5 billion. In second and third place were sports highlights marketplace NBA Top Shot with $827 million, and community gaming platform, Loot, with $242 million, respectively.

In 2022, the NFT market has witnessed a reduction in sales, buyers, and people which a representative of Nonfungible.com has attributed to a drop in interest in collectibles.

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RECOMMENDED READING: EXPLAINER GUIDE: How to Mint Your First NFT in 5 Easy Steps

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