Quick Answer 🔍How many NFTs are sold per day in 2023?
3,200 NFTs are sold per day.
NFTs, non-fungible tokens, are created through the blockchain like cryptocurrency. NFTs can be pictures (Jpeg, etc.), audio, Word documents, and PDFs.
The NFT market has made quite a splash over the past year.
Non-fungible tokens are digital collectibles that store unique data, inhabit the blockchain, and they cannot be reproduced or copied.
That means that each individual NFT has unique traits that can only occur once in this realm.
Whether you invest in NFTs, create NFTs, or just see NFTs being promoted online and on social media, the following information will be interesting.
Let’s get into how many NFTs are sold per day in 2023.
How Many NFTs Are Sold per Day in 2023?
The most recent data shows that on average, in March 2022, 3,200 NFTs are sold per day.
In contrast to January where the per day average was 26,000. Yes. That’s a large drop in NFTs over the beginning of the year.
The peak amount of NFTs sold in January came to 38,000 per day in the secondary market. The secondary market is now down to 7,900 NFT sales per day.
If we go back to September 2021, the daily record in secondary sales accounted for 103,765 NFT sales per day.
The primary market experienced a peak of 795,000 in August 2021.
So, the most recent number of NFT sales per day is 3,200. Remember, that NFTs are on the blockchain just like cryptocurrency, which means it’s also volatile with massive fluctuations.
What Are NFTs?
As mentioned, NFTs exist on the blockchain and can be in the form of pictures, audio recordings, PDFs, Word documents, and other forms of media.
NFTs also have unique and distinct traits that make them collectibles to be bought, sold, and traded.
Non-fungible tokens are also a method for businesses and artistic creators to sell their digital products through the secure blockchain.
There have been some significant purchases made over the past year in NFTs. For instance, a big-dollar purchase came about for A Bored Ape Yacht Club NCT at $224,028.62 during a featured NFT sale.
In March 2021, the most expensive NFT was bought at $6,000,000. This was a piece called “together we can solve this” and was part of Beeple’s Everydays NFT series.
In April 2021 Edward Snowden’s NFT Stay Free sold for $5,406,343, 2,224 Ethereum. These are just two examples of high-ticket NFTs sold over the past year.
These high-ticket sales in NFTs have waned a bit, but in these volatile markets that’s to be expected.
Some skeptics think NFTs aren’t sustainable, while others think that NFTs are here to stay and aren’t a fad or trend.
What Is the Average Price of An NFT Sale?
Like cryptocurrencies, it’s hard to put a number on non-fungible tokens. The volatility of the NFT market also makes it difficult to make determinations on the average sales amount for NFTs.
If you want an average price for NFT sales, most NFTs sell for under $200 and up to $300.
Therefore, it does make it challenging to create NFTs (artwork, media, etc) and make any significant money from it.
This is important information especially if you plan to create or buy an expensive digital art piece. Production costs can be between $70 and $150.
What About the Energy Usage of NFTs?
One factor that some, but not all, digital asset investors consider is the power consumption.
For instance, it’s reported that a single Ethereum transaction consumes around 120kWh of energy.
That’s a bit more than four day’s worth of energy in the average home in the United States. We tell you this because NFT sales are reliant on the Ethereum blockchain.
Since there are thousands of sales in NFT per day, it’s obvious that it expends quite a lot of electricity over the course of a year.
It accounts for over $6 billion yearly, according to Greenpeace data.
If this concerns you, you should know that The Ethereum Foundation is currently working on reducing the amount of energy expended per transaction.
They have been working on this project for a few years. The goal is to get transactions down to 35kWh, which greatly reduces the energy consumption.
Now you know that it’s difficult to determine average sales of NFTs and how many NFTs are sold per day, but we managed to get current data for you.
The most current reports show that 3,200 NFTs are sold per day. That said, the potential for fluctuations is high in this type of market.
For those concerned with the power consumption of NFTs through the Ethereum blockchain, NFTs may not be something they want to invest in until this is resolved.
For creators of media and artwork, the costs of creation may not always outweigh the sale of their works.
So much must be considered before creating NFTs as well as before investing in this market.
This is why we try to provide our readers with not only accurate information, but also updated data. We want our readers to make determinations based on the real facts and not on guesses.
With this knowledge at hand, will you invest in NFTs?
Are you a digital artwork creator wanting to find an alternative method of selling your work?
Do you think using NFTs to sell your artwork is worth the production expense?
Do NFTs consume too much energy in your perception?
Are NFTs here to stay, or are they unsustainable?
These are some questions you need to ask yourself before partaking in NFTs.