Only 1% of all NFTs sell for a lot of money, study finds
Only 1% of NFT assets are sold for more than $ 1,500, a new study found.
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NFTs could be the next paradigm shift for games, especially when it comes to collectibles, cosmetics, and overall in-game monetization. In an attempt to demystify the NFT market, researchers Matthieu Nadini, Laura Alessandretti , Flavio Di Giacinto, Mauro Martino, Luca Maria Aiello and Andrea Baronchelli have published an in-depth study on the current NFT scene. The results are quite surprising.
Scientists start by defining what an NFT is: âAn NFT is a unit of data stored on a blockchain that certifies that a digital asset is unique and therefore not interchangeable, while providing a unique digital ownership certificate for the NFT. Several types of digital objects can be associated with an NFT including photos, videos and audio. NFTs are now used to commoditize digital objects in different contexts, such as art, games and sports collectibles. “
While NFTs have a distinct fast-rich-fast connotation, data shows that only 1% of NFT assets are actually sold for over $ 1,500. Most NFTs, around 75%, are sold for less than $ 15. The study also shows that NFTs labeled as art and buzzwords like Metaverse sell for more than others with top-notch prices of 1% reaching $ 6,200 and $ 9,400, respectively.
Also read: Ubisoft’s ‘playable NFTs’ are cosmetics you can sell for crypto
What’s most interesting is that the 10% of NFT buyers and sellers account for 85% of all transactions. and only 20% of all NFTs sold between 2017 and 2021 on Etherum and WAX were resold.
In other words, the NFT market absolutely has whales and patient owners who are very HODL.