February 15, 2023
By Murtuza Merchant
NFTs, or non-fungible tokens, are digital assets that are becoming more popular as time goes on. These tokens are unique, and they are often used to represent ownership of digital assets, such as art, music, or other types of content. NFTs are stored on a blockchain, making them secure and tamper-proof, and they are becoming a vehicle for creative innovation in a variety of fields.
NFTs have quickly gained traction and have already become famous, traded, stored, and integrated into a variety of projects. The ability to represent unique ownership of digital assets has disrupted many traditional sectors, and the future is bright for this innovative technology.
150,000 NFT buyers and 110,000 sellers by the end of Q3 2022
The popularity of NFTs is supported by some fascinating statistics. For instance, according to a recent report by NonFungible.com, there were around 150,000 NFT buyers and 110,000 sellers by the end of Q3 2022. This means that there are roughly 1.3 buyers for every seller, although this ratio was higher in early 2022, at roughly 1.6.
Celebrities Making it Big
One of the most famous examples of an NFT sale was Eminem’s “Shady Con” collection, which earned the artist $1.78 million. Other celebrities, such as the Canadian singer Grimes and The Weeknd, have also made millions from the sale of their NFT collections.
NFT Market Valuation to Rise to $231B by 2030
Looking ahead, a study by Verified Market Research predicts that the overall market valuation for NFTs will rise to $231 billion by 2030. New types of NFTs are being created all the time, which helps to keep the market fresh and interesting.
Some of the most expensive NFTs sold to date include “The Merge” by anonymous artist Pak, which sold for $91.8 million, and Dolce & Gabbana’s “Collezione Genesi” collection, which brought in $6,120,409. The NBA’s Top Shots, a blockchain-based trading card system, has generated over $1 billion in sales.
Interestingly, according to a recent poll, 15% of males and 4% of women in the US adult population collect NFTs as a passion or investment, and millennials are the most common age group to collect NFTs.
NFTs are becoming a popular investment option for people who are interested in alternative investments. Collectible NFTs are the most popular type of NFT, and people are generally most interested in buying NFTs that they can hold onto for a long time.
Overall, NFTs are a relatively new technology, but they are quickly gaining popularity in a variety of fields. They are becoming more widely accepted as a way to represent ownership of digital assets, and the future looks bright for this innovative technology. As more companies and individuals join the NFT frenzy, it is likely that the market will continue to grow and become more mainstream.
About the author
Murtuza Merchant is a senior journalist and an avid follower of blockchain and cryptocurrencies.