The sales of NFTs hit a whopping $25 billion last year as crypto assets boomed in popularity, however data from DappRadar shows that there we signs of the craze slowing down at the end of 2021.
The prices of non-fungible tokens have risen so quickly over the past 12 months that investors started selling the assets within days of purchasing it.
Artists around the world have been quick to jump on the wagon, with cartoon tokens being sold for millions of dollars with while no physical objects change hands.
A Christie’s sale in March saw an NFT artwork sale for an astonishing record $69.3 million.
Many of the world’s biggest retailers have all ventured into the space, the fashion industry has been especially enchanted with it, with a number of brands including Gucci, Tommy Hilfiger and Adidas all releasing NFT collections recently.
DappRadar’s data showed that NFT sales volume reached $24.9 billion in 2021, compared to $94.9 million in 2020.
DappRadar gets its data from ten different blockchains, which are used to record who owns the NFT.
Data however does vary from provider to provider as transactions which take place ‘off-chain’, which include NFT art sales which occur at auction houses and are often not recorded.
NonFungible.com for example, which tracks the Ethereum blockchain only, put 2021 sales at $15.7 billion.
This means that the money spent on purchasing NFTs in 2021 is virtually equivalent to the amount that was pledged by countries to stop coal consumption at COP26.