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

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.

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