NFT, which stands for non-fungible token, refers to a special type of cryptocurrency that represents unique, irreplaceable digital assets. While the very first NFT was launched back in 2014, the NFT market earned notable attention in 2018 afterwards, when many projects and startups started developing exclusive blockchain-based tokens to represent various distinctive assets such as artwork and content. If you’re interested in NFTs or are looking to expand your NFT knowledge from the latest NFT market statistics, here you’ll find many interesting insights, facts and figures about non-fungible tokens.
The NFT space has grown so large now that everyone, including content creators, investors and organizations, wants a part of it. With the addition of concepts like Metaverse and DeFi, the demand for NFT solutions has more than quadrupled in the last couple of years.
Whether you’re a creator looking for NFT marketing services to earn more by tokenizing your work or an investor wanting to buy and trade trending NFTs, these amazing NFT stats will help expand your NFT knowledge and interest. Let’s get started.
NFTs, or Non-Fungible Tokens, are special crypto tokens created, stored and transacted on the blockchain. These can be used to tokenize and represent any type of digital assets from artwork and music to content, photos, videos, and in-game items.
The core features of NFTs include irreplaceability, immutability, uniqueness, and security. As a blockchain-based asset, an NFT is immutable, i.e. it cannot be changed or edited once recorded in the ledger. Each NFT is unique and irreplaceable, which means you cannot change or trade one NFT for another. Also, NFTs cannot be replicated (copied) or altered (changed).
NFTs are created by tokenizing a digital asset on the blockchain, which essentially means securely recording the ownership information and other asset data in a blockchain ledger, which makes it easy to verify the NFT ownership and transactions.
What are NFT Statistics and Why Do They Matter?
If you are looking to create or buy an NFT, you may be curious to know more about the NFT market, how it works, what is trending, which NFTs are most popular, and so on. Our insights give you a full idea of the NFT market and what’s trending, including various exciting facts and stats about NFT trading.
These NFT market statistics also encompass data on NFT sales trends, volume, value, transaction numbers, average prices, highest prices, lowest prices, marketplace metrics, metaverse, and blockchain activity, reflecting the dynamics of the non-fungible token market.
These metrics can be helpful for NFT investors looking to understand market trends, policymakers evaluating possibilities of regulations, and creators looking to know about high-potential NFT assets. Understanding popular NFT categories, top market players, and token trends can also help with risk assessment and management, fostering innovation in the rapidly evolving NFT ecosystem. So, without further ado, let’s dive deep into the world of NFT statistics 2024.
Top NFT Market Statistics for 2024 and Beyond
The first NFT, called Quantum, was created by Kevin McCoy in 2014. It didn’t become very popular though.
The real craze in the NFT space started from 2018. By 2021, NFTs were everywhere, and many of them were selling for millions.
Between 2018 and 2021, the NFT market grew 60-fold.
In March 2021, an NFT called “Everyday” was sold for a record $69.3 million. It represented a digital collage of 5000 images created by Mike Winkelmann (known as Beeple). It is to date the most expensive NFT bought and owned by just one person.
The most expensive NFT sold to date was “The Merge,” which was sold for an incredible $91.8 million. However, unlike “Everyday,” this one was bought by not one but over 28,000 NFT collectors.
Most of the NFTs in the market are based on the Ethereum blockchain (ERC-721 standard for non-fungible tokens).
The collective market cap of all NFTs in the market is over $3.3 billion at the time of writing, according to CoinMarketCap.com.
The all-time sales volume in NFTs has reached well over $135 billion as of now.
The global NFT market is expected to reach a total volume of over $5 billion by 2027.
Collectibles are the top NFT sector in terms of the highest value of sales. Collectible NFTs are among the most expensive non-fungible tokens.
Gaming is the top NFT sector in terms of the highest number of sales. In other words, gaming NFTs are the most selling type of NFT.
As of 2023, the total number of NFT users worldwide was around 13.9 million, which is expected to reach over 19 million by 2017.
“Clock” NFT by the artist named Pak sold for US $53M (equal to 16,593 ETH) in February 2022.
The global NFT market revenue is projected to reach over $2,378 million in 2024, according to statista.com.
The number of NFT users is projected to grow to 16.35 million users by 2028.
Mutant Ape #4038 NFT by Bored Ape Yacht Club was last sold for $49.85 million (500m ALPHA) in December 2023.
The average revenue per user in the NFT market is around $162.1 as of 2024, according to statista.com.
According to a report, the global NFT market size is expected to reach $231.98 billion by 2030, at a CAGR of over 33% from 2022 to 2030.
In 2021, NFT was one of Collins Dictionary’s tech words of the year because of its incredibly high search volume.
.NFT top-level domain was introduced and instantly became popular among NFT artists and investors. It was the second most popular top-level domain after .com in 2022.
The NFT market, which peaked in 2021 and the beginning of 2022, started slowing down after that, and NFT sales dropped by more than 50% by 2023.
As of February 2024, the one-month sales value of NFTs was around $8.5 million, compared to $881 million in August/September 2021.
In August 2022, the domain name .nfts.com was auctioned for a shocking $15 million, making it one of the most expensive domains of all time.
Blur is the biggest NFT marketplace (exchange) with a market share of over 56% as of February 2023 and a trading volume of over $1 billion.
OpenSea, the former NFT market leader, is now ranked in second position with a 36.5% market share and a $0.69 billion monthly trading volume.
The NFT market and trading activities saw a significant drop between 2022 and 2024. Opensea, the biggest NFT exchange at the time, reported a drop of almost 70% between August 2022 and August 2023.
Top five countries by NFT sales and revenue include the United States, the United Kingdom, Russia, Germany, and Japan.
Ͼ 5822, a popular non-fungible token by CryptoPunks was last sold for $24 million (8,000 ETH) in February 2022.
Ͼ 5577, another NFT by CryptoPunks was sold for $8 million or 2,501 ETH.
The biggest single-day NFT sale between March 2023 and March 2024 was recorded on December 7, 2023, worth over $56.7 million.
The “Bored Ape Yacht Club” NFT ranks number 1 in terms of all-time trading volume (at $6,244,961,513.24) with all-time sales of 186670, according to nonfungible.com. Axie Infinity ranks second, followed by CryptoPunks in third position.
CryptoPunks’ Ͼ 3100 NFT was last sold for $8M or 4,200 ETH in March 2021.
Around 10,000 wallets were used by nearly 6,000 unique buyers to perform over 12,000 NFT sales daily in 2023.
The global NFT market cap was $11.3 billion in August 2022.
The total NFT transaction volume in 2023 was close to 4.9 million ETH, a roughly 36% decline over the last year (2022).
“Gods Unchained,” a gaming NFT collection, became the market leader in August 2023 in monthly sales volume (over 328,700 sales in one month).
Art Blocks’ Ringers #109 NFT sold for $7M or 2,100 ETH in October 2021.
“All Time High in the City” NFT by SuperRare was last sold for $6M or 1,630 ETH in September 2021.
The NFT market is expected to reach $80 billion by the end of year 2025.
The average price per NFT sold dropped about 92% between 2022 and 2023, according to Chainalysis.
According to Statista, the NFT market is forecasted to grow at a compound annual growth rate (CAGR) of 18.55% between 2023 and 2027.
Among the various use cases of NFTs, the most prominent one is the Metaverse, allowing NFT holders to showcase and use their digital assets to have wonderful digital experiences in the Metaverse NFT marketplace.
Metaverse is nothing but an extension of various digital experiences, such as role-playing games, where besides playing games, we can continue using our digital avatar and assets such as NFTs and cryptocurrencies for improved experiences, including socializing.
Not all NFTs, however, turn out to be notably successful. According to data, less than 50% of all NFT sales reach $200.
NFT sales and transactions in 2021 amounted to approximately $41 billion.
The Play-to-earn model, a popular NFT trend where players are rewarded with tokens for playing games, reached over $750 million in revenue in 2021.
The NBA Top Shot–A popular platform selling NFTs representing highlights of popular NBA videos–had a total transaction volume of over $700 million, as of August 2021.
The most expensive sports NFT ever is a LeBron James NFT, called the Statue of LeBron. Minted in March 2021, it was sold for a whopping $21.6 million.
Cryptopunks remains the most expensive collection of NFTs to date, with 5 Cryptopunk NFTs being in the list of 20 biggest NFTs of all time.
As of March 2024, OpenSea, the biggest NFT marketplace, has over 1 million active users selling and buying NFTs.
The Bored Ape Yacht Club (BAYC) is the number 1 NFT collection with the highest transaction volume of around $2.5 billion. It is followed by NFT Cryptopunks with a transaction volume of over $2.1 billion.
Beeple, the popular creator of the most expensive NFT “Everyday” is also behind the most expensive video NFT called “Crossroads,” which was sold for $6.6 million.
GIFs are another common type of content sold as NFTs. A popular GIF NFT called Nyan Cat was sold for $590,000.
Many popular songs have been tokenized and sold as NFTs. The most expensive one was sold by SlimeSunday and 3LAU for $1.33 million.
The most expensive NFT representing virtual land (in a metaverse) was sold on Axie Infinity for $1.5 million.
Even popular tweets of celebrities have been sold and transacted as NFTs. The most expensive one was a tweet by former Twitter CEO Jack Dorsey, which sold for $2.9 million.
The NFT market revenue grew by almost 40,000% between 2020 ($2M) and 2021 ($811M).
The NFT market is expected to reach the $3 billion valuation by 2026.
The average revenue per user in the NFT market is expected to reach over $163 in 2027 from the existing $120 in 2023.
Trading volumes in the market saw a decline between 2021 and 2023. Things are expected to improve from 2024 onwards.
From less than 1 million NFT users in 2020, the number of people using or trading NFTs grew to over 10 million in 2023 and is expected to hit 17 million this year.
NFT transactions, like any other blockchain transaction, are considered to be very energy-intensive. The average energy cost of an NFT transaction is said to be equivalent to an individual’s monthly energy consumption.
The popularity of an NFT depends on the number of buyers versus sellers. Traditionally, there have been 1.3 buyers for every seller in the NFT market, which caused the industry to boom.
Singapore, China and Venezuela are among the countries with the highest numbers of NFT buyers and traders.
Around 23% of millennials in the US have purchased or hold NFTs.
At the same time, almost 70% of the country’s population is unaware of NFTs.
The US has been the number 1 country, consistently from 2018 to 2023, in terms of annual NFT sales and revenue.
Conclusion
As we delved into the NFT market statistics of the last decade, the remarkable surge in NFT sales and trading value, coupled with historical NFT sale figures and emerging trends, we now have a better picture of a creative industry that continues to catch the attention of creators, investors, and enthusiasts worldwide.
The unprecedented growth in NFT sales and value over the last years underscores the increasing user interest and mainstream adoption of tokenized assets and ownership enabled by blockchain technology. The above figures not only highlight the dramatic rise of NFTs but also demonstrate their mainstream importance and adaptability to challenges.
As we move forward, the success of the NFT space will greatly depend on innovation and creativity more than anything. According to experts, NFT creators and startups need to focus more on use cases rather than popularity or value to ensure long-term success. With the hope that these NFT statistics serve as a guide for a more sustainable, interconnected, and fair NFT landscape in the years to come, we sign off today.
Atul is a passionate writer with 8+ years of experience in creating content across domains ranging from crypto marketing, blockchain development and digital marketing for different industries. My expertise lies in marketing content and highly engaging website copies that impress readers and boost ROI.
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