Quick Answer 🔍How many people own NFTs in 2024?
There are around 360,000 people who own NFTs.
If you’ve been seeing excessive articles, advertising, and social posts about NFTs, you are not alone.
Since not everyone knows what NFTs are, we will enlighten our readers with information from how many people own NFTs, to making money with them.
Reading this article to the end will provide you with a higher comprehension of NFTs and why you should have some knowledge of non-fungible tokens (NFTs).
You will also learn more about how cryptocurrency and the blockchain are related to NFTs and how it affects digital assets, business, music, intellectual property and its ownership, and media, and how all these are managed.
Let’s dive into the shallow end of NFTs ownership data and work our way into the deep end.
How Many People Own NFTs in 2024?
You may be surprised that not as many people own NFTs as it might seem as you scroll through your social news feeds, read emails and texts, etc.
Currently, there are around 360,000 people who own NFTs.
According to NFT statistics, around 9% of the NFT community owns approximately 80% of the total value in NFT items.
This means that there are an estimated 2.7 million distinct NFTs held by only 32,400 NFT users. This data is only taking the unique NFT wallets that are acquired.
Since users can own multiple NFT wallets, the same with all digital asset wallets, the number of people actually engaged in the buying and selling of NFTs is likely significantly smaller.
With this data at hand, it’s obvious that all the NFT craze is found mostly in the advertising and promotions of non-fungible tokens.
What are NFTs?
All the hoopla surrounding NFTs is unlikely to have gone unnoticed even by those who are not interested in non-fungible tokens, blockchain, or cryptocurrency.
Ever since an artist from South Carolina got $69.3 million for a digital collage in March 2021, the media has had a field day with NFTs.
The truth is that people are currently getting rich off NFTs, even if it’s $500 at a time.
Either the world has lost its mind over non-fungible tokens, or there is a real-world business purpose for NFTs yet to emerge.
Basically, non-fungible tokens are just data, digital assets, that inhabit the blockchain.
It can also be used for establishing ownership and to track changes in ownership within the digital rights management arena.
What is blockchain? It’s a secure, shared (distributed) database that allows for transactions to be processed directly between two or more people or parties with a high level of loyalty, even through anonymity.
Mostly affiliated with crypto assets, blockchain also has other uses.
Another aspect of NFT is that it doesn’t need to be artwork. It can also be a PDF, a Word document, an audio recording, or a social media post like a Tweet on Twitter.
According to the CEO of ORE-Systems and veteran of cybersecurity and blockchain tech Nick Donarski, “There’s no difference between a NFT and a document with metadata.”
The most important element of NFTs is that they can be used to establish enduring ownership which is where non-fungible tokens find their way into business interests.
Are NFTs Here to Stay?
NFTs are here to stay as are cryptocurrencies.
That said, there is more to the story.
The NFT market is widely driven via the influence of influential people, celebrities, and business magnates who invest in the digital financial market.
Some experts are forecasting that NFTs could start making copyrights and patents outmoded, outdated, or obsolete.
But, there’s no reason to get overly upset or excited about the prospect since the courts have yet to make any decisions on NFTs.
You should know that there are no current laws regulating blockchain usage.
Due to the potential of NFTs, there is a bigger picture at which to look. There’s no doubt that NFTs have changed how people view cryptocurrency and blockchain.
Some people see NFTs as just a way to support artists or businesses, while others consider it a significant aspect for ensuring ownership rights for creators and their works.
NFTs also provide a unique way for artists and businesses to sell and earn profits over the traditional way with physical art and tangible goods.
This should tell us that the digital realm is moving forward, evolving, and growing.
Since the concept of all things digital seems to be both wildly popular and growing in popularity, it’s unlikely that NFTs are going anywhere but up.
Can Anyone Make NFTs?
Yes. Anyone can make NFTs to sell on the blockchain. As a matter of fact, there are currently several platforms that make it easy to do that are available online now.
That doesn’t mean you should run out there and jump on creating an image to sell. The competition is not fierce, but it does exist.
Some of these platforms require no crypto ownership, though they do come with fees, so be aware of that.
It’s worth looking into whether you want to make NFTs or trade in non-fungible tokens.
NFTs are considered a profitable investment by experts from The Motley Fool, which is widely followed for investment advice.
We have covered how many people own NFTs and briefly explained how they are beneficial.
You should know more about NFTs, crypto, and blockchain after reading this article in full.
While this article is brief and not fully detailed, it still offers explanations and information about NFTs and the blockchain to help you determine which way you want to go with this market.
Some people think that NFTs are the new way forward and will overtake the cryptocurrency market, but others believe these can all live peacefully and profitably on the blockchain.
What do you think about NFTs? Is all the hype just annoying, or are you getting more interested in the non-fungible token market?