NFTs – El Dorado or fool’s gold?

In 2021 more than $44 billion was spent on non-fungible tokens, making the market for digital artwork almost as valuable as the global art and antique market
      

Non-fungible tokens: NFTs, or “niftys,” are a form of crypto asset that uses blockchain to record ownership of digital files such as art, music and videos

Feb 12, 2022: CryptoPunk #5822 sells for record 8,000 ETH ($23.79 million) on Ethereum blockchain

NFT market capitalisation
2018: $36.8m. 2019: $143.4m. 2020: $336.4m

NFT sales, 2021: $44.2 billion

Global sales of art and antiques, 2020: $50.1 billion

Oct 2021: NFT from Bored Ape Yacht Club (BAYC) sells for $3.4 million at Sotheby’s

Nov: Universal Music makes record deal with Kingship – virtual band featuring four members of BAYC (above)

10:22PM: Web3 label plans to animate NFTs, record music for Kingship and take advantage of commercial rights on streaming services and metaverse

Bored Ape Yacht Club: NFT price surges more than $238,500 in just seven months

Jul 14, 2021: $8,482.82
Sep 1: $189,230.93
Dec 12: $350,173.82
Feb 7: $382,472.22
Feb 14, 2022: $247,020.38

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Sources: Bloomberg, Reuters, The Turing Institute 
Picture: 10:22PM 
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