Research by CryptoMonday has discovered that the art world could be flipped on its head as NFT art threatens to eclipse real-world art in terms of sheer market value.
What would the likes of Leonardo Da Vinci say if you told him that the mastery of the Mona Lisa was – if the trend continues – about to be bested by a bunch of bored apes?
The NFT artwork market was worth $41 billion at the end of 2021, a number coming within reach of the ancient, highly regarded and popular-since-the-dawn-of-time ‘conventional’ art market, which had a value of $50 billion in 2020.
That said, NFT art sales have been having a tough time more recently. Last month NFT art sales registered a 19,000 daily average transactions, down from a peak of 225,000 in September 2021. That’s a 92 percent drop as investors begin to question the value of something whose only worth is determined by the level of desire of someone else to buy it, rather than any notion of beauty or joy.
Perhaps watercolours, oils, sculpture, and modern art in its multitudinous forms will still have the last laugh?
And the most NFT-loving nation is…
And ever wondered which country has most succumbed to the NFT craze? Well, thanks to that analysis by CryptoMonday we can now confirm that the most NFT-savvy population on earth belongs to… Thailand.
Their research shows that NFT’s exploded in Southeast and East Asian countries in 2021 with the likes of China and Vietnam acquiring massive numbers of NFT users. However, the country out on top is Thailand with 5.65 million people owning and using at least one NFT.
Second place goes to Brazil with 4.99 million users, while the U.S takes the third position with 3.81 million users.
Interestingly, if population density was taken into account Thailand would STILL come out on top as those 5.65 million NFT fans constitute a sizey 8.08% of its population.
In terms of population ratio, Canada comes second with 3.67 percent of Canadians owning and NFT while Brazil ranks third with 2.33 percent.
That said, the research attributes NFT take-up to the huge popularity of play-to-earn titles such as Axie Infinity rather than a signalling a marked uptick in art lovers. Sorry, Leo.
Don’t miss our guide to everything you need to know about NFT art here.