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:
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.
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Source: Cryptocurrency - investing.com
