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One year ago today, an NFT titled EVERYDAYS: THE FIRST 5000 DAYS by Mike Winkelmann—the artist known as Beeple—sold at Christie’s for $69 million. The sale, which remains the largest ever for an NFT, was a watershed moment for the digital assets that have exploded in popularity (and notoriety).
A new NFT report released yesterday by NonFungible.com explores the market in the year when “stacking apes” became a phrase meaning something other than balancing orangutans on top of one another.
- NFT sales hit $17.7 billion in 2021, a 200x increase from 2020’s $82.5 million.
- The average NFT price shot up from $49.18 in 2020 to $807.52 in 2021, a more than 1,500% increase.
- Speculate much? NFTs were owned for an average of 48 days in 2021, a nosedive from 2020’s 156 days.
Although 2021 was a boom year for NFTs, they’ve fallen into a bit of a bear market (or a deflating bubble, pick your poison). February 2022 sales dropped 40% from January, and sales in the past week were down about 29% from the week prior.
Meanwhile, Beeple has a physical showing at a Manhattan gallery, although those works will also be sold as NFTs.
For more on NFTs: Read our July interview with Beeple, or take a deeper dive into the unpredictability of the NFT market.—MK
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