A non-fungible token (NFT) is a digital or cryptographic asset, which can represent real-world objects, that is stored in a blockchain alongside a recording of its ownership. They are best viewed as an investment, with many NFT owners using them as a form of financial security. Every NFT has its own unique metadata and identification code information, which clearly distinguishes it from other NFTs.
He and his family moved to South West France in 2014 so he could transition to painting full time. Since that time his work has been exhibited at a variety of places around the world, from New York to Monaco. Ed’s style of painting combines his sense of humour with his brilliant talent, with the aim of creating NFTs that are not only beautiful, but interesting and sometimes challenging. Every NFT features original, hand drawn artwork by Ed Williamson, meaning they have not been computer automated. As such, every Ed Williamson NFT will hold its value for many, many years to come.
According to NFT stats compiled by blockchain analytics firm Chainalysis Inc., the NFT marketplace grew to almost $41 billion in 2021, closing in on conventional art sales. In 2020, conventional art and antique sales amounted to $50 billion. The closing gap can be explained by the growing popularity of NFTs and auction house closures during the COVID-19 pandemic.
(Chainalysis)
The NFT boom was hard to miss throughout 2021, with eightfold gains in quarterly trading volumes between Q2 and Q3. The value of all global NFT transactions in the third quarter hit $10.7 billion, according to NFT market stats.
(CNBC)
Pak’s “The Merge” rose to the top of the NFT ranks when it sold for more than $91.8 million in December 2021. 30,000 collectors pitched in, making “The Merge” the biggest NFT sale ever.
(Artnet)
The Larvalabs creation, CryptoPunks, operates on the Ethereum network. These are extremely popular because they are rare. CryptoPunk #7523, for instance, sold for approximately $11.8 million, while CryptoPunk #3100 sold for $7.7 million – the fourth and fifth largest NFT sales.
(Exploding Topics)
A statue of basketball star Lebron James sold for more than $21.6 million on the NFT marketplace. LeBron is believed to have personally benefited from the sale.
(NFT Street)
There were 1.538 million NFT art sales between October and November 2021. Over the whole of 2021, there were more than 11 million art sales, according to some of the most recent data.
(NonFungible)
Described as the Mona Lisa of tweets, Mr. Dorsey was able to get such a high price because of speculation that the NFT’s value will increase in the future. The tweet read, “just setting up my twttr,” putting the price at $100,000 per character.
(Business Insider)
Meme NFTs are valuable because of their universal recognisability. The Doge meme owner sold it for a record-breaking $4 million worth of Ether. The previous record-holder was “Disaster Girl,” which raked in around $570,000.
(Mashable)
Ethereum currently consumes 44.94 terawatt-hours of electrical energy, which is equivalent to the annual consumption of a number of countries. It also releases roughly 21.35 metric tons of carbon dioxide each year, which is the equivalent of Sudan’s carbon footprint.
(CBS)
With that aforementioned transition, the carbon footprint of an NFT can be brought down to 2.11 kg CO2, which is the same as smiling physical art cross-country.
(Quartz)
If Ethereum is successful in moving from proof-of-work to proof-of-stake, it could reduce the energy consumption of its blockchain by 99.95%. The transition may come in 2022.
(Ethereum)
Most NFTs are on the Ethereum network, and NFT industry stats show that the token was using an estimated 103.17 TWh per year at the end of 2021. By contrast, proof of stake networks, such as Tezos, only consumes around 0.00006 TWh per year.
(Digiconomist)
The same survey reveals that differences between men and women extend to their collection habits. Men are three times more likely to identify as collectors than their female counterparts.
(Morning Consult)
Both lower- and upper-income persons share a passion for buying NFTs. However, those who fall within the intermediate income bracket (between $25,000 and $150,000 per year) appear to be considerably less excited, with 94% saying that they have no interest in NFTs at all.
(CivicScience)
poll involving 28,000 people in 20 countries found that the Philippines has the highest number of NFT owners (32%). The country with the second-highest NFT adoption rate is Thailand (27%), followed by Malaysia (24%), the UAE (23%), and Vietnam (17%).
(Finder)
The number of Nigerians who own NFTs is expected to grow from 13.7% to 35.3%. Notable increases in NFT adoption rates are also forecast for Peru (14.5%), Venezuela (13.5%), and Colombia (11.9%). In the US and UK expected growth rate is 3.9% and 3.3%, respectively.
(Finder)
The most exciting thing about NFTs is that creators and investors are only just getting started, with artists around the world viewing them as a way to ensure they receive royalties from their unique art. There are also important conversations surrounding the ability of NFTs to democratise access to unique artworks and to help investors to form meaningful relationships with artists themselves in the digital space.