Thanks to the latest boom of non-fungible tokens (NFTs), the contemporary art market has rebounded from a slow 2020. According to a recent Artprice report, the market has hit an all-time high of around $3.67 billion in annual sales.
The report suggests that the emergence of NFTs in the mainstream coupled with the enormous price tags attached to some of them has helped to bolster the market to such record-breaking numbers.
Thierry Ehrmann, the current CEO of Artprice stated:
Auctioneers quickly adopted a more online approach. Photography and prints have been particularly successful in this new online environment and in 2021; we have seen the sensational arrival of completely dematerialized artworks, the famous NFTs.
The study also revealed that NFTs are responsible for around 33% of all online sales over the past year, raking a total of 2% of the general art market.
Although digital art accounts for just 2% of the globe’s art market, some individual sales have pushed the number to be that high. For example, Beeple set a high standard for NFT art sales after auctioning a collection named “Everydays: The First 5,000 Days” for $69.3 million on Christie’s. It was the third-highest price paid for a piece of work from a living artist, with over 20 million people log onto the sale.
As the NFT space continues to grow, new collections with high upside potential are emerging. BitColors, for instance, is a new NFT collection that will allows users to own and trade colors.