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Published by Statista Research Department, Jun 21, 2024
From April 2021 to June 2024, the total value of sales involving non-fungible tokens (NFTs) in the art segment declined significantly. As of April 15, 2021, NFT sales recorded on the Ethereum, Ronin, and Flow blockchains during the previous 30 days generated an aggregated value of around 78 million U.S. dollars. While sales peaked at nearly 881 million U.S. dollars as of September 15, 2021, they have experienced an overall decreasing trend since then. As of June 15, 2024, the aggregated sales value over 30 days amounted to roughly 4.6 million U.S. dollars.
What is an NFT?
Non-fungible tokens are unique digital goods that are stored on the blockchain. They are mainly used in the art market to prove the authenticity of digital works of art. While digital artworks could be indefinitely shared online, digital art in the form of an NFT becomes a unique asset. The process of turning a digital file into an NFT is called minting, while the art created through this process is usually defined as crypto art.
The NFT art market
Once an artwork has been minted, it can be purchased. In March 2021, auction house Christie’s sold an NFT digital collage by American artist Beeple for the staggering price of 69.3 million U.S. dollars, making it the most expensive NFT sold worldwide. After the auction, NFT interest exploded. However, the 30-day aggregated sales volume of NFTs in the art segment dropped sharply from April 2021 to June 2024.
Total value of sales involving a non-fungible token (NFT) in the art segment worldwide over the previous 30 days from April 15, 2021 to June 15, 2024 (in 1,000 U.S. dollars)
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