The Booming NFT Market Is Nearing 1% Of Crypto’s Total Value

The Booming NFT Market Is Nearing 1% Of Crypto’s Total Value
Andrew Rummer

about 2 years ago1 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.

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