The total value of NFT does not exceed 1 of
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The total value of NFT does not exceed 1% of the cryptocurrency market

Non-fungible tokens (NFTs) are becoming more widespread, with celebrities, game developers and even tech giants participating in related projects showing particular interest in their potential. However, they make up no more than 1% of the total cryptocurrency market.

Image source: bloomberg.com

Image source: bloomberg.com

According to research firm Messari, the total value of NFTs is about $16 billion, although some of them are worth as much as traditional works of art — millions of dollars. However, they are part of a larger system of digital assets, mostly cryptocurrencies themselves, and this market is valued at $2 trillion today.

Messari analysts ranked the different NFTs in ascending order of their value in relation to the total market volume. The largest share of costs (46.6%) account for NFT images for avatars – user images on various social networks. Gaming NFT items were second with a 19.8% share and collectibles third with a 13.5% share of the total market.

The most popular and expensive NFT avatar collections are CryptoPunks and Bored Ape Yacht Club, which include celebrities like tennis player Serena Williams and comedian Jimmy Fallon. Keep in mind that the Twitter microblogging service recently added support for NFT avatars through integration with the OpenSea marketplace – such avatars have a hexagonal shape instead of the traditional round one.

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About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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