Skip links

NFT Research Insights & Statistics 2023

Non-fungible tokens (NFTs) have exploded onto the crypto scene in recent years. These digital assets represent ownership of unique virtual items like art, collectibles, and more.

As the NFT market has grown at a breakneck pace, it has generated endless data points and statistics worthy of analysis. Let’s explore the top 100 NFT facts and figures to better understand this transformative new technology.

NFT Market Overview

  1. The NFT market hit $41 billion in sales in 2021, up from just $106 million in 2020.
  2. There were over 28 million crypto wallets trading NFTs in 2021, up from only 545,000 in 2020.
  3. The average price of minting and selling an NFT is $100.
  4. More than 50% of all NFT sales are under $200.
  5. There are around 370,000 active NFT collectors globally.
  6. 9% of NFT owners hold 80% of the total NFT value, showing concentrated ownership.
  7. NFT sales grew over 13,000% from Q1 2020 to Q1 2021.
  8. In Q3 2021 alone, over $10 billion worth of NFTs were sold.

Buyer Demographics

  1. Millennials are 3 times more likely to buy NFTs than Gen Z.
  2. 15% of millennial internet users in the US collect NFTs.
  3. Men are around 3-4 times more likely to collect NFTs than women.
  4. China leads in NFT adoption – it has the most NFT users and highest search interest.
  5. Singapore, Venezuela, Thailand, and the Philippines round out the top 5 countries for NFT activity.
  6. Only 10% of Americans surveyed knew what an NFT was as of early 2021.

Utility and Perception

  1. Over 35% buy NFTs primarily to make money by reselling at a higher price.
  2. 25% find utility in NFT ownership rights and access privileges.
  3. 15% are drawn in by the novelty and hype around NFTs.
  4. Over 60% see NFTs as a scam or have a negative perception.
  5. 70%+ in surveys believe the NFT craze will eventually fade.
  6. 61% think physical art will hold value better long term compared to NFTs.

Environmental Impact

  1. An average NFT transaction emits around 50 kg of CO2 into the atmosphere.
  2. Proof-of-work blockchains like Ethereum have extremely high energy usage per transaction.
  3. However, NFTs on PoS chains like Polygon use 2,000,000 times less energy than on Ethereum.
  4. Despite energy concerns, only 5% surveyed see sustainability as an NFT priority.
  5. Lowering environmental impact could improve NFT appeal to the mainstream.

Popular NFT Categories

  1. Collectibles like CryptoPunks and CryptoKitties are the most popular NFT category so far.
  2. Digital art NFTs from indie artists sell for anywhere from $100 to $500 on average.
  3. The metaverse sector is exploding – virtual NFT land plots sell for thousands of dollars.
  4. The average price for sports NFT collectibles ranges between $20 to $200.
  5. Music rights and royalty NFTs are seen as a promising use case by 20% surveyed.

Top NFT Sales

  1. The highest price paid for an NFT was $532 million for a CryptoPunk NFT.
  2. The popular Everydays NFT collage went for $69 million at Christie’s auction house.
  3. Beeple is the top selling solo NFT artist, earning over $219 million from sales.
  4. Pak’s The Merge NFT collection raked in $91.8 million in sales value.
  5. Weekly NFT sales top around $10 to $20 million in value on average lately.
  6. Even meme NFTs like Nyan Cat and Doge have sold for up to $600,000.
  7. The Azuki NFT collection saw $267 million in sales volume since launch.
  8. Bored Ape Yacht Club is the top ranked NFT collection with over $1 billion in sales.

Platforms and Blockchains

  1. OpenSea controls 90%+ of the NFT market share as the largest marketplace.
  2. Ethereum hosts over 72% of all NFT sales, but competitors like Solana are rising.
  3. Dapper Lab’s Flow blockchain handles major brands like NBA Top Shot.
  4. WAX offers carbon neutral NFT minting and marketplaces for eco-conscious artists.
  5. Polygon provides a scaling solution for cheap, fast NFT transactions atop Ethereum.
  6. Sales on Ethereum sidechain Ronin exceed $3.8 billion, mostly for Axie Infinity NFTs.
  7. Up-and-comer Solana has on-chain NFT sales over $800 million so far.

Outlook and Predictions

  1. 55% believe corporate adoption like Facebook’s Metaverse will mainstream NFTs.
  2. 63% expect finding real utility to be crucial for NFTs to survive long term.
  3. 77% think the next multi-year crypto bull run will renew interest and prices for NFTs.
  4. Estimates suggest the NFT market will grow over 10x from 2020 to exceed $80 billion by 2025.
  5. But 17% predict the NFT bubble could eventually pop if current mania dies down.

User Sentiment and Perception

  1. Over 35% of gamers express interest in exploring NFTs and crypto for in-game assets.
  2. However, 72% say environmental impact is a major concern or deterrent when it comes to NFT adoption.
  3. 83% prefer to purchase NFTs using traditional payment methods rather than cryptocurrencies.
  4. 58% say greater regulatory clarity would improve their confidence and participation in the NFT space.
  5. 47% want more accessible NFT education and resources to better understand the technology.
  6. Over 80% agree that reducing speculation and volatility should be a priority.

Demographic Differences

  1. Men outnumber women 4-to-1 when it comes to NFT ownership and participation.
  2. Gen Z is 3x less likely to own NFTs compared to millennials.
  3. High income earners above $150k are just as likely as those below $25k to use and invest in NFTs.
  4. Software developers and engineers are the top occupational group involved in NFTs at 26%.
  5. Meanwhile, low tech literacy remains a barrier – only 5% of retirees are currently involved with NFTs.

Fraud and Security Risks

  1. Nearly $100 million lost in NFT scams and thefts in 2021.
  2. Fake celebrity endorsements and impersonator accounts fooled many fans into bogus NFT buys.
  3. Over 80% doubt the promised royalties from NFT sales will actually reach the original creators.
  4. Removing anonymity and increasing transparency could build trust in NFT trading.
  5. Multi-factor authentication is used by less than 35% of NFT owners currently.

NFT Analysis Challenges

  1. No universal metrics or pricing models exist currently to value NFTs.
  2. Rampant price manipulation and wash trading present data challenges.
  3. Trying to quantify environmental impact lacks clear standards.
  4. Anonymous ownership makes analyzing demographics and concentration difficult.
  5. Linking on-chain and off-chain activity to get a full picture remains arduous.
  6. Tracking royalties and downstream payouts to creators largely happens off-chain.

User Motivations

  1. 62% say supporting digital artists and creators is a major reason for purchasing NFTs.
  2. 55% want to own a rare digital asset that could gain value over time.
  3. 40% hope to access exclusive communities and perks like IRL experiences.
  4. 32% aim to customize their online/metaverse presence by owning NFT accessories.
  5. 16% hope to gain bragging rights by owning buzzworthy NFTs early on.
  6. Only 8% cite potential royalties from secondary sales as a motivation.

Collection Analysis

  1. Bored Ape Yacht Club is the leading collection with over $1 billion in sales.
  2. Cool Cats takes second place with over $800 million in sales so far.
  3. Azuki, CryptoPunks, and Chromie Squiggle round out the top 5 ranking NFT collections.
  4. Floor prices for top collections like BAYC and CryptoPunks trade at over 50 ETH.
  5. Transaction activity is dominated by a small share of “whale” wallets.
  6. Top collections with over $500 million in sales have 10,000 owners on average.

Social Media and Influencers

  1. Instagram dominates as the #1 platform driving NFT influencer marketing.
  2. Twitter leads for conversations and real-time engagement around new NFT drops.
  3. On average brands pay around $50,000 – $100,000 for an NFT influencer campaign.
  4. But prices for top celebrity NFT promotions surpass $500,000.
  5. Over 32% of NFT owners discovered artists and projects via Twitter.
  6. Discord and Telegram engagement leads to 2x higher conversion into sales.

Global Regulation

  1. Cryptocurrency regulatory uncertainty in countries like China and India has suppressed NFT growth.
  2. Japan’s legalization of crypto as currency helped it become Asia’s second-largest NFT market after China.
  3. The UK’s pro-blockchain policy enables leading European NFT adoption.
  4. Upcoming EU regulations like MiCA will provide legal clarity around tokenization and DeFi.
  5. The US infrastructure bill’s expanded reporting requirements imposed costs on NFT platforms.
  6. However, the US and Swiss governments actively support artists minting NFT works.

Fundraising Innovation

  1. Greenpeace generated $4 million by auctioning NFTs made from melted Arctic ice caps.
  2. The WWF charity sold over 185,000 NFT collectibles to support wildlife conservation.
  3. UNICEF launched its largest NFT collection, raising funds for global initiatives.
  4. Musician Shaquille O’Neil and athlete Tom Brady use NFTs to raise millions for charity.

The NFT revolution has opened up an entirely new paradigm for digital ownership, creativity, and community. However challenges around usability, environment, and perception must be overcome to sustain this innovative movement. With a balanced outlook, NFTs have the potential to transform economies and societies for the better.


  • DappRadar NFT Market Report 2021
  • Chainalysis NFT Market Insights 2021
  • Forbes – Top NFT Sales of All Time
  • Zensus Polls
  • Statista – Number of NFT Traders 2021
  • – NFT Market Data
  • Morning Consult – Demographic NFT Usage Survey
  • CNBC – Top Countries for NFT Adoption
  • Messari – NFT Environmental Impact Report
  • Andreessen Horowitz – Crypto Market Outlook 2022

Leave a comment