Global NFT Sales Value Jumped

It’s been a tough year for the non-fungible tokens, or NFTs market with nonfungible tokens struggling amid a crypto winter. The entire market is down by nearly every trackable metric, and monthly NFT sales value remains deep below peaks seen in 2021. But, the total sales value in 2022 has still increased year-over-year.

The theory behind this bullish outlook is that NFTs will continue to be adopted by video games, artwork, music, and digital collectible industries. NFTs may indeed have staying power if life becomes more virtual in the coming years, in a sense that consumers use virtual assets in the metaverse.

In practice, NFTs gain value when buyers can sell their NFTs at a higher price than they paid. Not only that, just as with cryptocurrencies, a collection of Non-Fungible Tokens increases in value when market demand increases and the overall supply of NFTs available for sale decreases.

NFTs are simply a way for rich people to move illegally obtained money through a channel that makes it look legal. According to data presented by CryptoPresales.com, global NFT sales value jumped by 10% year to $21.9bn in 2022. Sales Value Increased by $2.1B YoY.

While 2021 welcomed high-value NFT sales, soaring cryptocurrency prices, and an influx of new investors, 2022 has seen trading slow, and crypto prices drown in the aftermath of extended crypto winter.

But, thanks to strong trading activity in the first half of 2022, the annual NFT sales value increased by $2.1bn year-over-year. A report says, besides a 10% increase in total sales value, 2022 also witnessed a considerably higher number of transactions in the NFT market.

There’s no doubt that the NFT market has taken a serious hit in 2022, some very bullish analysts and industry insiders still see 2023 as being much kinder to the market.

This hope rests on the fact that NFTs are a crucial part of the digital economy, which seems destined to expand, even if it doesn’t become the “parallel universe” equally important to today’s market that some predict.

Overall, there are several brands getting into the metaverse space, floating their own digital collectibles, and thus, opening the way for completely digital interactions for their audience in the Web 3.0 space.

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA