The cryptocurrency landscape is reeling with new NFT trends that are making waves. For many, this is very exciting!
Even for a newcomer to the scene, it is clear that Non Fungible Tokens will change the world of business transactions in the future. While the art world has reaped enormous benefits from the emergence of NFTs, so have a slew of big companies, celebrities, and influencers. Demand for NFTs has exploded out of nowhere, taking the globe by storm.
This blog’s trends and NFT statistics will help brands understand and traverse this phenomenon in 2022.
1. Market size
Total market – $40 billion
In 2021, the equivalent of $40.9 billion was spent on non-fungible tokens (NFTs), displaying unprecedented growth for an industry that only produced a billion dollars in 2020. As society continues to move digital, it’s evident that NFTs have taken on new relevance.
No of wallets in 2021 – 28.6 million
NFT sales peaked in August, then fell in September, October, and November before rebounding in December, according to statistics from OpenC, the largest NFT market. Both bitcoin and ether have increased in value from September to November. Hence, this may not be related to cryptocurrency price swings, which are frequently used to purchase NFTs. According to DappRadar, over 28.6 million wallets traded NFTs in 2021, up from approximately 545,000 in 2020.
2. Most expensive NFT ever
Pak’s ‘The Merge’ is the most expensive NFT ever sold. In December 2021, it was sold on Nifty Gateway for $91.8 million. Rather than selling it to a single bidder, many purchasers could purchase any number of tokens. The price per unit began at $575 and gradually escalated by $25 every several hours. It was eventually sold to over 30,000 people for a total of $91.8 million.
Pak’s biggest sale in 2021 wasn’t the only one. In April, the Fungible was published on Nifty Gateway and sold for $17 million.
Millennials are 3X more likely than Gen-Z to buy
According to Morning Consult data, millennials are most likely to engage in NFTs. Millennials are three times as likely as Generation Z to buy and sell these assets.
The survey also revealed that widespread interest in NFTs is expanding, owing to a strong desire to “collect.” Around one-third of all individuals in the United States claim to have a hobby of collecting tangible objects. Around 42% of millennials also have a substantial collection, making them a part of the current NFT trends.
Men are 4X more likely than women
A considerable gap between men and women was also evident. According to the study’s findings, 15% of male respondents said they collected NFTs. Only 4% of female respondents, on the other hand, said that they collected NFTs.
4. Rate of growth
NFT sales grew 131X from 2020 to 2021
According to NonFungible.com, the number of sales in the NFT market is now at an all-time high. Between the first quarter of 2020 and the first quarter of 2021, the market grew by an astonishing 131 times. This indicates that the number of clients and stakeholders is rapidly increasing.
NFT sales can currently range anywhere from 15,000 to 50,000 per week
NonFungible.com data also shows that NFT sales vary from $10 million to $20 million every week on average. Currently, NFT sales might vary from 15,000 to 50,000 per week. There were just 100 sales each week until the enormous spike in the second half of 2017. This new figure alone demonstrates how much the NFT market has expanded in only a few years.
5. Sales vs Minting
Most NFT sales are under $200
According to a study conducted by an artist, Kimberly Parker, and an anonymous data scientist, 53.6% of NFTs sold for less than $200. In fact, during seven days, more than a third of NFT sales were for less than $100. Only about a quarter of the sales were between $600-$700.
While a couple of NFTs sold for millions of dollars in 2021 alone, the average selling price is far lower.
Minting and selling NFTs costs around $100
While the typical price for an NFT is roughly $200, you may have to pay half of that to get the artwork produced and sold. The standard cost is between $70 to $120, however, some people pay thousands.
Because of the blockchain’s use, creating NFTs can be a costly affair. According to Slate, the cost of generating an NFT may range anywhere from $1 to $1000, depending on the techniques applied.
1. Multipurpose use and partnerships
NFTs have tremendous potential to reshape the way brands interact with consumers. People’s interest in the digital environment grew due to the pandemic, and NFT souvenirs began to appear on the web. Businesses that get in early will have success and lessons will only benefit them in the future. Brands have more uses for NFTs than just making collectibles. One of the chief factors NFTs are important to businesses is representing digital goods such as art, audio, and video. They’re so adaptable that they can represent various types of creative work, including virtual real estate, virtual worlds, fashion, and much more.
2. Transforming ticketing and payments
NFTs and cryptocurrencies for live event tickets and payment acceptance, such as subscriptions, are not new. But it will join the NFT trends in 2022. More companies will aim to employ blockchain technology to address problems, rethink what a brand experience looks like, and broaden how ticketing works beyond admittance to an event and a single payment source as technology advances and acceptance grows.
More brands will utilize NFTs to develop brand loyalty in 2022 by offering fans exclusive discounts and promotions that aren’t available through standard distribution methods.
3. Virtual branded real estate
We might even see completely branded real estate sold via NFT or cryptocurrencies in 2022. Multiple digital domains make up the metaverse. Each resembles a 3-D virtual city where avatars live, work, and play. Anyone who has played famous video games like Fortnite, Animal Crossing, or the Roblox universe has seen what these worlds are like. Virtual reality, streaming video, mobile gaming, avatars, and artificial intelligence are all used to create immersive digital experiences in each.
However, metaverse real estate investing remains very speculative, and no one can say if this boom is the next great thing or the next big bubble.
4. New source of revenue for businesses
Industries that experienced revenue losses due to the pandemic (and some still do) will rely on digital opportunities such as NFTs to generate new income and raise brand recognition. As consumers get more acquainted with the technology and use it more regularly, physical items will begin to be substituted by NFTs. We will see more businesses trying to use NFTs and blockchain to solve supply chain concerns in their business models, just as we have seen tangible goods brands do so.
5. Brands will employ more NFT and cryptocurrency experts
If companies want to be taken seriously in this field, they’ll have to boost their game and find out how to make blockchain accessible to the general public, not just crypto fans. More than a logo on a crypto asset, businesses will need to get more active in marketing and branding the NFT products. Brands can pave the way by hiring the right experts in the field to raise awareness of NFTs, what they are, and how to use them in a way that their customers can understand.
NFT 2022, The Marketplace And Beyond
We want to leave you with some questions that can help you decide whether NFTs are the future for your brand or should you give them a pass:
- Will your customers use NFTs? If yes, can you create the knowledge base and the community to thrive in this area?
- Will you be able to invest in the right support you will need to promote your NFT investments?
- Do you have a game plan to handle the environmental, financial, and legal implications if they were to arise?
With a thorough marketing strategy, we believe you will be able to traverse the metaverse! Alongside brands, creators are also diving into the current NFT trends. It is the right time to partner up with NFT influencers and become an industry voice while the iron is still hot. Atisfyreach can help you do just that.
Atisfyreach’s AI-driven algorithm matches brands with the ideal influencers based on the campaign’s goals – be it an increase in brand awareness, more engagement, or boosting revenue at scale. Give your brand global visibility with influencer collaborations through atisfyreach.
Register your interest with Atisfyreach.