Expert reviewed
Last Updated on November 29, 2024 From digital art and music to virtual real estate, NFTs have transformed unique digital assets into valuable, tradable items.
The first NFT was created in 2014, but the market truly took off with the launch of Ethereum, which allowed developers to create and trade NFTs on a decentralized platform.
Unlike cryptocurrencies like Bitcoin, each NFT is unique, meaning it can’t be exchanged one-to-one with another. This uniqueness has made NFTs an ideal way to own, trade, and collect digital art, music, virtual real estate, and other digital goods.
In just a few years, the NFT market has surged, generating billions in sales and capturing mainstream attention through high-profile auctions.
Analyzing the numbers behind this fast-growing space reveals how NFTs are reshaping art, finance, and even social interactions online.
NFT Market Size
In 2023, the NFT market reached $26.41 billion. Experts forecast it will grow to $222.79 billion by 2031, with an estimated annual growth rate (CAGR) of 33.7% from 2024 to 2031.
This rapid growth underscores the expanding interest and adoption of NFTs across industries, from digital art and gaming to real estate and beyond.
NFT Revenue Statistics
The NFT market in 2024 has generated approximately $683.9 million in revenue.
However, projections indicate a slight decline, with 2025 revenue expected to reach about $608.6 million. This drop suggests an estimated -11.01% compound annual growth rate (CAGR) over the next year.
The anticipated revenue dip reflects a cooling phase in the NFT market after its rapid initial growth.
| Year | Revenue |
| 2018 | $3.9 million |
| 2019 | $2.6 million |
| 2020 | $7.1 million |
| 2021 | $1,328.0 million |
| 2022 | $1,581 million |
| 2023 | $611.1 million |
| 2024 | $683.9 million |
| 2025 | $608.6 million |
NFT Market Cap & Trade Volume
On October 24, 2024, the NFT market cap reached $37.64 billion, with a daily trading volume of $225.1 million.
The market cap for NFTs peaked earlier in the year, hitting $11.97 billion on January 19, while the daily trading volume reached its highest on October 24.
The surge in both market cap and trading volume highlights the NFT market’s resilience and growing interest, even in a maturing market.
User Count In NFT Space
In 2024, the NFT market has about 11.58 million users. This number is expected to grow modestly, reaching around 11.64 million by 2025.
While the NFT market is still expanding, the projected increase suggests a stabilization in user growth.
NFT User Penetration Rate
By 2025, NFT user penetration is projected to reach 0.15%, marking steady growth for this concept.
In 2020, NFT user penetration was only 0.01%, and by 2024 it climbed to 0.15%. This rate is expected to hold steady through 2025, reflecting a stabilization period as the market matures.
The significant growth from 0.01% in 2020 to 0.15% in 2024 highlights the rapid adoption of NFTs, but the plateau projected for 2025 suggests that the initial surge may be leveling off as mainstream interest solidifies.
NFT Sales Statistics
NFT sales peaked in August 2021, with an average of 183,755 daily sales for the month. That same month, daily sales values also hit a record high, averaging $178.48 million.
Recent data from May 5 shows that NFT sales have slowed significantly, with only 3,108 sales reported and a total sales value of $5.13 million.
NFT Holders, Traders, Buyers & Sellers Count
NFT users fall into four main categories: holders, traders, buyers, and sellers. As of October 2024, there are 28.22 million NFT holders. Among them, 5.48 million are traders, 4.03 million are buyers, and 3.35 million are sellers.
The numbers suggest that while many people hold NFTs, a smaller percentage actively engage in trading, buying, and selling.
Brand Shares In NFT Space
Reports show that OpenSea has become the largest peer-to-peer marketplace for non-fungible tokens (NFTs).
In March 2024, OpenSea accounted for 87% of the NFT trading volume. By October 2024, this share has risen to 90%, indicating the platform’s growing dominance in the NFT space. In 2024, OpenSea’s NFT trading volume has reached approximately $14.68 billion.
The platform recorded an all-time high monthly trading volume of $3.7 billion in January 2022.
OpenSea’s growth has also fueled competition, giving rise to other marketplaces.
For example, Axie Infinity, currently valued at $3.94 billion, has established a strong foothold. Other notable NFT markets include CryptoPunks, valued at $2.4 billion, and NBA Top Shot, valued at $780 million.
While OpenSea leads, there are other active NFT marketplaces, including LooksRare, X2Y2, and Blur.
In March 2024, LooksRare accounted for 6% of the NFT trading volume, and X2Y2 held around 3%.
However, by October 2024, Axie Infinity had claimed the second-highest trading volume after OpenSea, with a current volume of $3.94 billion.
| Market | Average Price | Traders | Volume (In Billions) |
| OpenSea | $938.99 | 1,387,357 | $14.68 |
| Axie Infinity | $216.15 | 1,624,169 | $3.94 |
| CryptoPunks | $123,690 | 5,600 | $2.40 |
| NBA Top Shot | $63.63 | 492,039 | $0.78 |
| Magic Eden | $308.74 | 304,403 | $0.62 |
| Solanart | $1,100.00 | 170,703 | $0.59 |
| Mobox | $790.81 | 59,178 | $0.53 |
| AtomicMarket | $24.98 | 895,199 | $0.32 |
| Rarible | $990.79 | 92,115 | $0.28 |
| SuperRare.co | $7,940.00 | 5,493 | $0.21 |
NFT Market Regional Analysis
North America is set to remain the largest contributor to the global NFT market, projected to hold a 24.3% share by 2034.
The United States is anticipated to lead within North America, accounting for 45.6% of the regional market.
However, Asia-Pacific will experience the highest compound annual growth rate (CAGR) by 2027. China is estimated to capture 47.5% of the East Asian NFT market by 2034.
NFT Niche Market Share In Global Market
By 2034, non-fungible physical tokens are expected to capture 67% of the global market, reflecting their growing appeal and adoption across various industries.
NFT User Country Wise Count
Reports show that Thailand leads globally in NFT adoption, with about 5.65 million users actively participating in the market. Brazil ranks second with 4.99 million users, followed closely by the United States at 3.81 million.
| Country | User Count |
| Thailand | 5.65 million |
| Brazil | 4.99 million |
| United States | 3.81 million |
| China | 2.68 million |
| Vietnam | 2.19 million |
| India | 1.50 million |
| Canada | 1.40 million |
| Indonesia | 1.25 million |
| Germany | 1.23 million |
| South Africa | 1.23 million |
NFT Adoption Statistics
In 2022, records show that users in the United States, United Kingdom, Canada, and Germany were far less likely to own or purchase NFTs compared to other regions.
In contrast, NFT adoption has been growing rapidly in Southeast Asia and Latin America, where interest and engagement are notably higher.
| Country | Share of adults who own an NFT |
| Philippines | 32% |
| Thailand | 26.6% |
| Malaysia | 23.9% |
| UAE | 23.4% |
| Vietnam | 17.4% |
| Nigeria | 13.7% |
| Brazil | 12.1% |
| Hong Kong SAR | 10.7% |
| Venezuela | 10.6% |
| Peru | 9.9% |
| Colombia | 8.4% |
| South Africa | 8.3% |
| Argentina | 7.4% |
| Singapore | 6.8% |
| Canada | 5.6% |
| Australia | 4.6% |
| Germany | 4% |
| United States | 2.8% |
| United Kingdom | 2.5% |
| Japan | 2.2% |
Other than the share of the adults who own NFTs in different countries, we have collected data on the adoption rate of different countries.
Here’s a list of Global NFT adoption percentages based on 2022 reports.
| Country | Adoption Percentage |
| India | 7% |
| Vietnam | 6% |
| Hong Kong | 5% |
| Singapore | 5% |
| Brazil | 4% |
| Ghana | 4% |
| Indonesia | 4% |
| Nigeria | 4% |
| Phillippines | 4% |
| USA | 3% |
| Ireland | 3% |
| Kenya | 3% |
| Malaysia | 3% |
| Venezuela | 3% |
| Canada | 2% |
| Argentina | 2% |
| Australia | 2% |
| Colombia | 2% |
| Japan | 2% |
| Mexico | 2% |
NFT MEME Sale Figures
The Doge meme, starring a Shiba Inu with funny captions in Comic Sans, is one of the internet’s most iconic images.
In June 2021, the original Doge meme sold as an NFT on Zora for over $4 million, setting the record as the most expensive meme NFT ever.
Just a few months later, in September 2021, its new owner announced plans to divide the NFT into 17 billion tokens called $DOG, kicking things off with an auction for 20% of those tokens.
Here’s a list of the most valuable NFT Memes ever sold.
| NFT | Selling Price |
| Doge | $4,000,000 |
| Nyan Cat | $600,000 |
| Disaster Girl | $500,000 |
| Overly Attached Girlfriend | $411,000 |
| Grumpy Cat | $83,000 |
| Leave Britney Alone | $44,000 |
| Bad Luck Brian | $36,000 |
| Success Kid | $35,000 |
Most Expensive NFT Sold Statistics
In December 2021, the NFT “The Merge” became the most expensive NFT ever sold, with 28,000 collectors buying different parts of it. The sale brought in a collective total of $91.8 million.
We present a list of the 10 most expensive NFTs ever sold.
| NFTs | Selling Price |
| The Merge | $91.8 million |
| The First 5000 Days | $69 million |
| Human One | $29.98 million |
| CryptoPunk #7523 | $11.75 million |
| CryptoPunk #3100 | $7.58 million |
| Xcopy: Right Click and Save As Guy | $7.09 million |
| Art Blocks, Ringers #109 | $6.93 million |
| Crossroad | $6.6 million |
| This Changed Everything | $5.4 million |
| Save Thousands Lives | $4.5 million |
NFT Theft Statistics
Between 2017 and 2024, more than $8 million in illegal funds was laundered through NFT platforms.
Additionally, over $100 million worth of NFTs were reported stolen due to scams from July 2021 to July 2022, with scammers averaging around $300,000 per incident.
Notably, July 2022 saw the highest number of NFT thefts, with more than 4,600 NFTs stolen, demonstrating that scams continued to thrive despite a downturn in the crypto market.
Plus, Tornado Cash emerged as the preferred tool for laundering proceeds from NFT scams, processing $137.6 million in crypto linked to NFT marketplaces.
This accounted for 52% of the funds laundered from NFT scams before the Office of Foreign Assets Control (OFAC) imposed sanctions on it in August 2022.
Motivators Behind NFT Buying In The United States
The United States has one of the highest numbers of NFT users and is home to many active NFT buyers and sellers. Both men and women participate in NFT trading, but their motivations for buying NFTs differ.
Here’s a table showing the reasons Americans invest in NFTs, broken down by gender:
| Reasons To Buy NFT | Male % | Female % |
| Return on Investment | 39% | 40% |
| I am an art fan | 39% | 28% |
| Because family and friends are buying them | 34% | 22% |
| Early adoption | 33% | 18% |
| It’s trendy and currently popular | 30% | 36% |
| Bragging Rights | 21% | 7% |
| Others | 0% | 1% |
More NFT Statistics
- In 2022, reports showed the widest gender gap in NFT ownership in the United States. Among respondents, 4% of men reported owning an NFT, compared to just 1% of women. (Source – finder.com)
- The 2022 reports show that in Japan, the gender gap in NFT adoption is narrow, with 2% of women owning an NFT compared to 1% of men. (Source – finder.com)
- According to 2024 reports, Americans aged 18-34 lead in NFT ownership, making up the majority of holders. (Source – finder.com)
- Over 10,000 active wallets engage with NFTs daily, with around 6,000 unique buyers purchasing NFTs each day. (Source – demandsage.com)
- The NFT industry generated $24.7 billion in sales in 2022, but it fell short of surpassing traditional art sales, which reached $67.8 billion that year. (Source – demandsage.com)
- The number of wallets trading NFTs saw explosive growth in 2021, jumping from about 545,000 in 2020 to approximately 28.6 million. (Source – demandsage.com)
- As per the reports, CryptoPunks account for 5 of the top 20 highest NFT sales to date. (Source – demandsage.com)
- NFT trading saw explosive growth between Q2 and Q3 of 2021, with transaction volume increasing by over 700%. By the end of Q3, the total value of global NFT transactions reached $10.7 billion, marking a historic high for the market. (Source – demandsage.com)
- The iconic Nyan Cat GIF, minted as an NFT in February 2021, sold for nearly $600,000, marking its ten-year anniversary. (Source – demandsage.com)
- Middle-income individuals, earning between $25,000 and $150,000 annually, show little interest in NFTs. A significant 95% report having no enthusiasm for NFTs whatsoever. (Source – demandsage.com)
- The NFT art market recorded impressive sales, reaching $140.67 billion in 2023. (Source – demandsage.com)
- In 2022, the global market for in-game NFTs reached a value of $3.64 billion. Analysts project it will grow to $15.46 billion by 2027. (Source – demandsage.com)
- Over 370,000 people own NFTs, collectively holding around $2.9 million in NFT assets. However, a small group—just 9% of owners—controls approximately 80% of the total market value. (Source – demandsage.com)
- More than a third of eSports fans are interested in owning NFTs.(Source – demandsage.com)
- Jack Dorsey, founder and former CEO of Twitter, sold his first tweet as an NFT for $2.9 million. (Source – demandsage.com)
- Grimes made over $7 million selling NFTs. (Source – demandsage.com)
- On an NFT marketplace, a digital statue of NBA star LeBron James sold for over $21.6 million, reportedly benefiting LeBron himself. (Source – demandsage.com)
- Eminem, known as the “Rap God,” sold his Shady Con NFT collection for $1.78 million. (Source – demandsage.com)
- Kings of Leon made music history when they released their latest album, When You See Yourself, as an NFT, becoming the first band to take this route. The NFT drop brought in over $2 million in sales. (Source – demandsage.com)
- Taco Bell made history as the first fast-food chain to dive into the NFT world. Their “NFTacoBells” collection—25 digital art pieces—sold out on Rarible in under 30 minutes. One piece even fetched over $3,500. (Source – demandsage.com)
- In 2021, the demand for NFT analytics tools in India made up around 4.2% of the East Asia market. (Source – futuremarketinsights.com)
- The United States leads the world in NFT companies, with 91 firms, making it a hub for 41.5% of all NFT-based startups globally. (Source – futuremarketinsights.com)
- In 2022, the USA led the North American Non-Fungible Tokens (NFT) Analytics Tools Market, with an estimated market share of 24.6%. (Source – futuremarketinsights.com)
- The individual segment dominated the non-fungible token (NFT) market in 2021, capturing 55.3% of the market share. (Source – futuremarketinsights.com)
- In 2022, mobile-based NFT analytics tools captured an estimated 43.7% of the market share in the NFT analytics tools sector. (Source – futuremarketinsights.com)
- The involvement of well-known celebrities and influencers has made a major impact on the NFT space. By 2021, celebrity-driven NFT projects generated over $400 million in trading volume, showcasing their influence and appeal. (Source – verifiedmarketresearch.com)
- South Korea’s $187 million commitment to metaverse projects as part of its “Digital New Deal” program, along with Japan’s support of the Japan Crypto Asset Trading Association (JCATA) to establish NFT trading standards, reflect solid government support for digital innovation in both nations. (Source – verifiedmarketresearch.com)
- Active NFT wallets in the Asia-Pacific region shot up by 322% in 2021, highlighting the strong impact of government initiatives in fueling rapid growth and innovation in the NFT market. (Source – verifiedmarketresearch.com)
- In Vietnam and Ireland, older adults are leading the way in NFT ownership, with 11% of this age group in each country holding NFTs. (Source – coinbound.io)
- In March 2024, daily NFT sales on the Ethereum blockchain hit an impressive average of 2,390. (Source – coinbound.io)
- In India, the NFT market is expected to generate revenue of approximately $15.81 million in 2024. (Source – coinbound.io)
- Some of the most popular types of NFTs include those connected to the metaverse, gaming, art, and sports. (Source – coinbound.io)
- About 70% of Americans are not familiar with the NFT concept.(Source – coinbound.io)
- From January 20 to 27, 2024, NFT sales volume dropped by 21.25%. (Source – coinbound.io)
