Financepr.com’s Edith Reads has had her take on the data. She says, “NFTs derive their value from their non-fungibility. That fact makes them one-of-a-kind digital assets hence scarce. Throw in the high gas fees on Ethereum, where most are minted, and the prices skyrocket! Additionally, they are selling on premier auction houses like Christie’s and Sotheby’s, throwing them in the same league as classical art.”
The $100M NFT sales club
Topping the list of the highest-grossing artists was a digital creative, Pak. His/her NFT collection fetched nearly $283.7 million from the sale of roughly 66 thousand artworks. Again Pak’s highest-selling piece went for approximately $1.6 million while they averaged $4200 in sales.
In the second spot was Beeple, with a total artwork value (TVA) of roughly $173.2 million. The artist made those sales from 1,351 artworks. Additionally, Beeple’s highest sale fetched $69.3 million while their average sales were around $128 000.
Tylerxhobbs and Dmitri Cherniak were the other artists to gross over $100 million in sales. The former’s collection netted over $122 million while the latter’s realized $101.5 million.
For those returns, they sold 1008 and 838 artworks, respectively. Tylerxhobbs’ highest sale rounded up to $219.4 thousand, with Dmitry Chernaik’s coming to around $2.7 million.
How the rest fared
Further, Mattdesl, Xcopy, and Hackatoo placed fifth, sixth, and seventh in that order. Mattdesl grossed nearly $60 million from 2019 artworks. Xcopy sold 1,917 creations for almost $53 million, while Hackatoo traded 4582 collectibles for close to $35.7 million.
Rich_lord, Monica Rizolli, and Golid came at eighth, ninth, and tenth, respectively. As Rich_lord attracted over $33.5 million, Rizolli earned $33.3 million and Golid $28.5 million. The remaining 246 artworks sold for a collective figure of roughly $1.16 billion.
Which way NFTs?
After a stellar 2021, proponents of NFTs back the collectibles market growing in 2022. Analysts hold that the digital assets will find new use cases. One of these is Blockchain gaming.
Studies show that Blockchain gaming surpassed the $1 billion mark in 2021. And market players see it playing a central role in blockchain adoption. Collectibles will be key cogs in attaining that adoption. That’s because they can link physical and virtual worlds.
Furthermore, the collectibles sector will attract more retail players. Big hitters like Nike, Adidas, Puma, and LVMH are onboard the NFT juggernaut. As the technology goes mainstream, it’s easy to see new retail players jumping on the bandwagon.
Again NFTs will be enablers of inter-brand partnerships. Such partnerships will transcend physical and virtual goods. For instance, clothing lines can provide their customers with virtual wearables and physical products.
As we advance, a lot could happen in this space. However, one thing that looks certain is that the current trend will hold.