Financepr.com recently presented data showing statistics on the crypto art industry. According to the data, the crypto art market cap as of January 2022 was $2,350,924,699, which is about 708,481.162 ETH at the time of writing.
The data also includes the total monthly volume across different select platforms. From the findings, it’s clear that 2021 was significant to the industry. The total monthly crypto art volume grew from $12.548M on 1st January 2021 to $409.857M on 1st December of the same year.
Art Blocks showed some of the most significant growth, with the monthly volume sales surging from $679.522k to $244.248M in the same period. The monthly volume on Nifty Gateway also leaped from $8.72M in January to $118.306M in December.
Crypto art disrupting the traditional art industry
Although digital art has been around for a while, crypto art has only materialized recently. Thanks to NFTs, artists can now verify their artwork, making it difficult for anyone to forge original art pieces. They also make it easier for enthusiasts to collect pieces from their favorite artists.
While commenting on the data findings, Edith Reads from financepr.com made the following remarks, “Clearly, the crypto art industry is taking significant strides and changing the way we view art. Although it’s still a bit early to tell what direction the industry takes, it’s clear that more people are getting on board by the day. Perhaps crypto art NFTs together with sustainable DeFi projects will offer the gateway we’ve been waiting for to mainstream crypto mass adoption.”
Although many people beyond the crypto community remain skeptical about crypto art, a few pacesetters are more than willing to spend big bucks on digital art.
Crypto artist Beeple sold his collection, Everydays; The First 5000 Days, for $69.3 million, at an auction held by Christie’s on 11th March 2021. A month earlier, Beeple had sold a 10-second Nft video for $6.6 million on Nifty Gateway.