Digital art artists have embraced non-fungible tokens to create NFT art. However, one thing that has made this NFT niche gain so much traction is the amount the artists are fetching on NFT marketplaces.
Data from CryptoArt, an analytics platform focusing on cryptocurrency art, indicates that the total volume of NFT-based artworks reached $8.2 million in the last month of 2020. This was a significant increase considering the volume was only $2.6 million a month prior.
However, the entire collectibles’ market size is currently worth more than $130 billion. The increasing market value depicts a shift from viewing collectibles as a mere hobby to a large financial move.
CryptoArt’s founder, Richard Chen, attributed the rise in trading volume to an increase in understanding of what non-fungible tokens can do to maintain authenticity.
Notably, the last half of 2020 saw digital artwork artists sell their products at some of the highest prices. For example, in September 2020, an NFT digital artwork that changed along with Bitcoin’s price fetched 262 ETH ($101,100 at the time).
In October, another NFT artwork designer traded their piece for $131,250, which was the highest an NFT product had sold so far. Amazingly, better days were still to come for NFT artists as two months later, a collection of NFT art changed hands for $777,777.78.