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.
Some of the blockchains tracked by the report include:
- Ethereum (ERC-721 token standard
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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