about 2 years ago • 1 min
Interest in non-fungible tokens (NFTs) has boomed over the past year, driving the combined value of these digital artworks and collectibles to nearly 1% of the total crypto market.
The chart above shows how the value of all NFTs tracked by data provider NFTGo has exploded to more than $16 billion, up from just $120 million this time last year. As the top panel shows, the value of all crypto has climbed from about $1.5 trillion to nearly $2 trillion over the same period.
It’s all very impressive for a market that gets the biggest chunk of its value from profile pictures. Such online avatars make up 47% of the NFT market’s value, followed by video gaming items at 20% and collectibles at 14%, according to NFTGo data.
With some speculating that Bored Ape Yacht Club owners Snoop Dogg and Eminem might drop some kind of reference to the popular NFT series when they perform in this Sunday’s Super Bowl halftime show, perhaps interest in NFTs will see another pop next week.
Disclaimer: These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment advisor.