Crypto art - statistics & facts

Crypto art refers to digital artworks whose ownership can be authenticated, just like with physical art. Usually, the authenticity of physical artworks can be proved in different ways, for example, by examining the artist’s signature or receiving authentication certificates. In the case of crypto art, different methods must be used. The authentication and proof of ownership of digital files relies primarily on non-fungible tokens (NTFs), which are unique digital assets that are stored in blockchain. NFTs cannot be reproduced and can represent any type of digital format such as GIF, JPEG, and MP3. They are not mutually interchangeable, but it is possible to buy them with cryptocurrencies. Once a digital artwork is uploaded on a blockchain in the form of NFT, it will become a unique piece of art, as it will always be possible to determine the original file even if its copies are shared indefinitely on the web.

NFT auctions: from Beeple to the slowdown

On February 25, 2021, Christie’s – one of the leading auction houses worldwide – promoted an online auction for a single lot, a non-fungible token-based artwork by American artist Mike Winkelmann, known as Beeple. It was the first time that a major auction house put on sale an NFT digital artwork and accepted cryptocurrency for the sale. On March 11, 2021, the lot was ultimately sold for the astonishing price of 69.3 million U.S. dollars, making it the third-highest auction price for a living artist’s work, behind Jeff Koons and David Hockney. As Beeple’s sale hit the news, the interest in NFTs exploded, leading other global players in the sector, such as Sotheby’s and Phillips, to start selling non-fungible token projects at auction. However, as the NFT frenzy slowed down in 2022, the global auction revenue of art-related NFTs declined sharply that year over 2021, with just one transaction reaching more than one million U.S. dollars.

Is the NFT art market here to stay?

While total sales value of art and collectibles NFTs worldwide amounted to just 30 million U.S. dollars in 2020, the NFT craze started in the following year caused this number to skyrocket, with the value of art and collectibles NFT transactions eventually surpassing 11 billion U.S. dollars in 2021. This figure rose further in 2022, growing by roughly 15 percent and surpassing global online sales of the art and antiques market excluding non-fungible tokens. That said, the increase was mainly driven by NFT collectibles, as sales of art-related NFT projects nearly halved year-on-year. In this respect, the monthly NFT sales value in the art segment fluctuated significantly since April 2021, recording much lower figures in 2022 and 2023 than the peak of nearly 900 million U.S. dollars reported in September 2021. Meanwhile, according to a survey published in April 2023, a more regulated NFT market ranked as the main factor that would motivate global art buyers to purchase NFTs.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Jan 10, 2024

Key insights

Sales value of art and collectibles NFTs worldwide
7.5bn USD
NFT collection in the art segment with the highest market cap
Chromie Squiggle by Snowfro
Total visits to digital art market website superrare.com worldwide
0.27m
Get more insights

Editor’s Picks Current statistics on this topic

Total number of sales involving a non-fungible token (NFT) in the art segment worldwide over the previous 30 days from April 15, 2021 to April 15, 2024, by type

Art & Antiques

NFT sales in the art segment worldwide in the last 30 days April 2024, by type

Total value of sales involving a non-fungible token (NFT) in the art segment worldwide over the previous 30 days from April 15, 2021 to April 15, 2024 (in 1,000 U.S. dollars)

Art & Antiques

NFT sales value in the art segment worldwide in the last 30 days April 2024

Leading profile picture (PFP) non-fungible token (NFT) collections worldwide as of April 2024, by market cap (in million U.S. dollars)

Art & Culture

Market cap of leading PFP NFT collections worldwide 2024

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