Year Of NFT Auctions

One of the oldest and most prominent auction houses in the world, Sotheby’s, reveals that NFTs sales for 2021 reached a whopping 100 million dollars.

And this is between April and December of 2021, or in less than one year.

Sotheby’s auctioned the very first NFT in April, with the token created by the artist that goes by the name Pak. Moreover, the auction was an instant success, given that the NFTs reached a price of $16.8m.

Furthermore, another major contributor to the massive NFT sales revenue is a token from the famous CryptoPunk collection. Specifically, the token in question reached a price of $11.8m, making it one of the most expensive ‘Punks’ at the time.

Another big sale that greatly contributes towards the revenue is the auction of another single token, this time from the Bored Ape NFT collection. That particular token was sold for $3.4m.

It is safe to say that Sotheby’s is well into blockchain technology. Up to such extent, that the 277-year old auction house already created its virtual/digital gallery in Decentraland, one of the leading NFT marketplaces.

Sotheby’s own digital auction house, the ‘Sotheby’s Metaverse’, is probably the most advanced digital auction house in the world. As a result, up to 78% of the participants in the NFTs auctions were first-timers. And more than half were younger than 40 years.

Auctions On The Rise

Consequently, it is safe to say that it is due to this meteoric rise that Sotheby’s managed to net 100 million dollars from NFTs sales. And that is small a small part of the total $7.3b from auctions for 2021.

Out of this total amount, $6b are from auctions, and $1.3b are from private sales.

Due to the fact that Sotheby’s even accepts cryptocurrencies, it seems like 2022 is going to be even more successful when it comes to revenue generated by blockchain assets.