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NFTs boost annual contemporary art sales to a record $3.67B By BTC Peers


NFTs increase annual sales of contemporary art to record levels of $3.67B

The recent boom in non-fungible tokens has helped the current art market rebound from its slow 2020. Artprice recently reported that the market reached an all-time record of $3.67 billion annually in sales.

According to the report, the rise of NFTs within the mainstream and the high prices associated with some of them have helped boost the market to record levels.

Artprice CEO, Thierry Ehrmann said:

The online model was adopted quickly by auctioneers. Prints and photography have had great success in the new online setting. In 2021, we saw the incredible arrival of NFTs which completely dematerialize artworks.

NFTs were also responsible for approximately 33% online sales during the previous year. This equates to 2% of general art market.

Although digital art accounts for just 2% of the globe’s art market, some individual sales have pushed the number to be that high. For example, Beeple set a high standard for NFT art sales after auctioning a collection named “Everydays: The First 5,000 Days” for $69.3 million on Christie’s. This was the third highest-paid price for work of a living artist. Over 20 million people logged onto the sale.

New collections that offer high potential upside are being created as the NFT market continues to expand. BitColors is one example of a NFT collection which allows you to trade and own colors.

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