According to a report by analytics platform DappRadar (a Marc Cuban company btw), worldwide NFT sales volumes reached $10.67 billion in Q3 2021. This represents a +704% increase over the previous quarter and an incredible +38,060% year-over-year increase.
The NFT market, in fact, is growing at a dizzying pace, analysts at investment bank Jefferies expect the value of NFTs to double next year and approach $80 billion by 2025, they also see non-fungible tokens as a big opportunity for companies, from any sector.
A few months ago, EDM artist 3LAU raked in $11 million for, essentially, some nicely packaged reissues of a previously released album.
Superstar artists, like Kings of Leon, Steve Aoki and Tory Lanez have sold NFTs for millions of dollars in minutes. Even lesser-known artists, such as Vérité and Zack Fox, have made tens of thousands of U.S. dollars selling NFTs. The artist Young and Sick had only 27,000 followers on Instagram when he sold an NFT for $865,000.
Linkin Park’s Mike Shinoda sold a digital piece of art for $30,000 and explained on Twitter: “Even if I upload the full version of the contained song to DSPs worldwide (which I can still do), I would never get even close to $10k, after fees by DSPs, label, marketing, etc.”
Mintable
