Only 1% of NFT assets are sold for over $1,500, a new study has found.
NFTs could be the next paradigm shift for gaming, especially when it comes to in-game collectibles, cosmetics, and overall 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 a thorough study on the current NFT scene. The results are pretty surprising.
The scientists start out by first defining what an NFT is: "An NFT is a unit of data stored on a blockchain that certifies a digital asset to be unique and therefore not interchangeable, while offering a unique digital certificate of ownership for the NFT. Several types of digital objects can be associated to an NFT including photos, videos, and audio. NFTs are now being used to commodify digital objects in different contexts, such as art, gaming, and sports collectibles."
While NFTs have a distinct quick-rich-quick connotation, the data shows that only 1% of NFT assets are actually sold for over $1,500. Most of the NFTs, or roughly 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-line prices of the 1% hitting $6,200 and $9,400 respectively.
What's most interesting is how the top 10% of NFT buyers and sellers comprise 85% of all the transactions--once you buy or sell you're more likely to keep doing so, which will make publishers like Ubisoft and EA quite happy--and only 20% of all NFTs sold between 2017 - 2021 on Etherum and WAX were re-sold.
In other words, the NFT market absolutely has whales and patient owners who very much HODL.
- > NEXT STORY: Sony publishes dual-GPU PlayStation patent on WIPO database
- < PREVIOUS STORY: CD Projekt lawyers negotiating settlement on securities fraud lawsuit