10 Interesting NFT Facts That Will Blow Your Mind

The NFT space is a massive industry in Web3, and more people are hopping on it daily. We previously talked about its decline in the second quarter of 2022 and how celebrities are making waves in the space. There’s a lot to the NFT space that you don’t know.

So, in this article, we’ll discuss ten interesting NFT facts that might shock you.

 

1. The First-ever NFT was Sold in 2014 For Just $4:

Quantum NFT

The first-ever NFT was minted on May 3rd 2014, by digital artists Kevin McCoy and Anil Dash, and it was called Quantum. It was a short video clip of McCoy’s wife, Jennifer. This video clip was minted by McCoy on the Namecoin blockchain and sold it to Dash for $4. 

 

2. The Most Expensive NFT is Valued at over $91.8 million:

The Merge NFT

 Pak created the Merge, and over 28,983 people bought it to snatch 312,000 shares and each of them is an NFT, for nearly $92 million. His works have sold for over $350 million.

The starting price of these units was $575, only to increase by $25 every six hours.

 

3. The Trading Volume of NFT rose 704% between The Second and Third Quarters of 2021:

In 2021, NFT rose drastically with massive gains in trading volumes between Q2 and Q3. The value of all global NFT transactions in the third quarter reached $10.7 billion, according to NFT market statistics.

 

4. There are five Cryptopunks among the top 20 biggest NFT sellers:

Cryptopunks NFT

Created by Larvalabs, there are 10,000 unique Cryptopunks NFTs (6,039 male and 3,840 female).

According to Wikipedia, they are made digitally scarce through blockchain technology. Each one was algorithmically generated through computer code; thus, no, two characters are exactly alike, with some traits being rarer than others. 

 

5. More than 50% of all-time NFT sales are Under $200:

Unlike popular belief, not all NFT pieces are sold for millions of dollars; more than 50% of them are below $200, as scrutiny of NFT trends revealed that most sales went for $100 and below. 

 

6. Nigeria Is Said To Have The Highest Growth (21.7%) In NFT Adoption: 

Nigeria NFT

Nigeria is not left out in the boom of NFTs as the number of Nigerians who own NFTs is expected to increase from 13.7% to 35.3%.

 

7. NFT Collectors Are Three Times More Likely To Be Men:

Although, it doesn’t seem that it’ll be the case for long as we are witnessing more women coming up in the NFT space and even establishing NFT and Web3 communities for women. 

 

8. In Thailand, There Are More Women Who own NFTs Than Men.

According to Statista, Thailand took the lead as the country with the highest number of NFT users in the world in 2021, with a total of 5.65 million users. In the country, 30% of women own NFTs, compared to just 23% of men. 

 

9. Over 70% of Americans Don’t Know What An NFT Is:

We can’t deny the global growth of NFTs as people, celebrities and even big-name retailers and brands are hopping on the wave, but do you know that more than 70% of Americans do not know what NFTs are? 

According to Money magazine and Morning Consult, the study only one in four Americans can accurately explain what an NFT is. The publication surveyed 2,210 people, and 35% of them had a vague idea of what NFTs were, and only 26% of them could explain precisely what they are and how it works.

 

10. Over 360,000 People Own NFTs:

According to the Financial Times, about 360,000 NFT owners hold around $2.7 million in NFTs between them. Nonetheless, about 9% are responsible for about 80% of the market value. They are referred to as “whales”.

The most expensive NFTs are held by these whales, which indicates that they hold most of the value of the NFTs.

 

 

Conclusion

The NFT world is a unique one, and it is snowballing. With the global growth of NFTs, there are still a lot of things you don’t know about the space, and we are discovering them every day.

The demand for NFTs is rising, and we are excited to see how it goes. 

 

 

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