NFTs Boost Annual Contemporary Art Sales to Record $ 3.67 Billion By BTC Peers

NFTs Boost Annual Contemporary Art Sales to Record $ 3.67 Billion

Thanks to the latest boom in non-fungible tokens (NFTs), the contemporary art market has rebounded from a 2020 slowdown. According to a recent Artprice report, the market hit a record high of around $ 3.67 billion annual sales.

The report suggests that the emergence of NFTs in the mainstream, coupled with the huge prices attached to some of them, has helped prop up the market towards such record numbers.

Thierry Ehrmann, the current CEO of Artprice said:

Auctioneers quickly took a more online approach. The photography and prints were particularly successful in this new online environment and in 2021; we have seen the sensational arrival of totally dematerialized works of art, the famous NFTs.

The study also found that NFTs are responsible for around 33% of all online sales in the past year, representing a total of 2% of the general art market.

Although digital art only accounts for 2% of the global art market, some individual sales have pushed this figure to such a high level. For example, Beeple set a high standard for NFT art sales after auctioning a collection called “Everydays: The First 5,000 Days” for $ 69.3 million on Christie’s. It was the third highest price paid for a work by a living artist, with more than 20 million people logged in for sale.

As the NFT space continues to grow, new collections with strong upside potential are emerging. BitColors, for example, is a new NFT collection that will allow users to own and trade colors.

Continue reading on BTC Peers

Disclaimer: Fusion media would like to remind you that the data contained in this site is not necessarily real time or accurate. All CFDs (stocks, indices, futures) and Forex prices are not provided by the exchanges but rather by market makers. Therefore, the prices may not be exact and may differ from the actual market price, which means that the prices are indicative and not suitable for trading purposes. Therefore, Fusion Media assumes no responsibility for any business losses that you may incur as a result of the use of such data.

Fusion media or anyone involved with Fusion Media will accept no responsibility for any loss or damage resulting from reliance on any information, including data, quotes, graphics and buy / sell signals contained in this website. Please be fully informed about the risks and costs associated with trading in the financial markets, it is one of the riskiest forms of investing possible.

Comments are closed.