NFTs (non-fungible token)are making their mark in a wave of new digitalized products making waves across all industries. Non-Fungible Token’s (NFT) are considered digital assets that acts as proof of ownership for physical and virtual assets, and it represents a massive industry trend.
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Exploring the NFT Marketplace & It's Value
The NFT Marketplace can still be a mystery to many, but even so many businesses are still diving into the growth of the industry, and how NFTs are proving to profitable, with a bright future projected.
Here are some interesting statistics regarding the NFT market:
- The NFT market cap is worth more than $7 billion as of November 2021
- Millennials are three times as likely as Gen Zers to buy and sell NFT on the market.
- NFT sales have grown 131 times from the first quarter of 2020 to the first quarter of 2021, which reported around $2 billion in sales.
- Numbers show that 265,927 active wallets traded NFTs on the Etherium blockchain during Q3 of 2021.
- The “Not Forgotten, but Gone” NFT video clip sold for $1 million this past year.
- Eminem sold his first NFT collection in April for $1.78 million.
- The estate of late hip-hop artists/rapper XXXTentacion is planning to sell unreleased songs as NFTs.
- Social media such as Twitter have jumped into the NFT market, with Instagram, largely replacing physical galleries and art exhibits as the place for artists to showcase their artwork.
- Kings of Leon are selling NFTs that will grant lifetime front-row seat access to future concerts.
- Disney and Fox Entertainment are entering the fray.