Ever wondered how many NFTs exist? NFTs, or Non-Fungible Tokens, are unique digital treasures you can own, sell, or collect – kind of like digital collectible cards.
They’re everywhere, from digital art and music to tweets and even virtual lands. It’s a bit like trying to count stars; there are just so many, and they keep growing every day.
Let’s take a closer look at this digital world and get a sense of how vast the world of NFTs really is.
How Many NFTs Are There In The World 2024?
NFT statistics show that most NFTs are built on the Ethereum network, but some use other blockchains or are built on special NFT platforms.
Because of this, there are a lot of single NFTs that represent videos, music, video game content, artworks, and other forms of media.
As more artists and people who make content get into making NFTs, more NFTs will be made. It’s hard to put a number on this market because it’s new, and NFTs and numbers are growing constantly.
If the global growth rate of 21,0350% from $82.5 million in 2020 to more than $17 billion in 2021 is any indication, there are probably a lot of NFTs out there.
By January 2024, the total value of NFTs worldwide had exceeded a whopping $193.84 billion, indicating the increasing significance of these digital assets.
This astonishing number highlights the crucial role that NFTs play in the larger digital economy, providing fresh prospects for creators, investors, and collectors alike.
The market size of Non-Fungible Tokens is predicted to reach US$231.98 billion by 2030, with a CAGR of 33.7% from 2022 to 2030.
What Are Non-Fungible Tokens, NFTs?
It’s important to know that, in Bitcoin terms, NFTs aren’t technically cryptocurrencies.
Cryptocurrencies are digital currencies that can be used online. They use blockchain technology to keep track of financial transactions between entities or parties.
NFTs are also built on a blockchain, but they are used to prove ownership of assets, like a certificate that proves legal ownership of a car or house.
Source: Pexels
The difference is that NFTs provide proof of ownership in a digital form. Most NFTs use the Ethereum blockchain network, but not all of them do.
The word “non-fungible” comes from the fact that each NFT is a unique digital asset that can’t be swapped out for any other digital asset.
There are many types of non-fungible physical assets, like real estate, because each property has its own unique qualities. A fungible token, on the other hand, can be swapped out for another one that is the same.
Ether is a fungible token that can be traded on the Ethereum network. Each Ether is the same as any other Ether.
The same goes for Bitcoin. Since Bitcoin and Bitcoin are both worth the same amount, they can be traded for each other.
In the same way, physical money is fungible because it can be swapped for another. Each NFT has its own qualities that make it different from all the other NFTs.
I hope that helps you understand the difference between non-fungible and fungible, as well as between cryptocurrencies and NFTs.
What Makes Non-Fungible Tokens so Important?
NFTs are not only a way for artists to make money from their work, but they are also seen as the next step in collecting and investing in art. They are also a new type of cryptocurrency or digital currency investment asset class.
Because NFT is so different from other forms of art, there is a small chance that a collection of NFT works could become very valuable.
NFTs are easy for art collectors to sell and buy on sites like OpenSea. Both Binance and Coinbase Global are about to open a market for NFTs. NFTs are very risky for the average investor, so they tend to stay away from them.
NFTs don’t get their value from how useful they are. Instead, it comes from how valuable the media they represent is (music, video, audio, digital art, etc).
Source: Pexels
Investors think that putting a price on a piece of art is hard and subjective compared to putting a price on a stock, which represents ownership in a business and a claim to future profits.
What does this have to do with how important non-fungible tokens are?
Well, NFTs blur the lines between virtual and real artworks and are a new way to keep track of who owns a digital asset and how it is used online.
Also, the fact that NFTs are blockchain tokens has the potential to upset financial middlemen by making it cheaper to buy and sell expensive things like real estate and cars.
In the meantime, that doesn’t mean you should invest blindly in highly speculative NFTs, but it does mean you should keep an eye on how they change.
Some people don’t believe in NFTs and think that this digital asset idea based on blockchain is not sustainable, but there are also people who see its value and potential.
It all depends on the market and how much media attached to NFTs is worth.
How Do Non-Fungible Tokens Work?
We’ve discussed the number of NFTs, their characteristics, and their importance. Next, we’ll discuss how NFTs work.
Digital art collections are one way that NFTs are used. One NFT stands for a picture. The digital work is now owned by the person who buys the image. Some NFTs are now worth a lot of money.
Source: Pexels
The people who made and own an NFT may also get royalties for how it is used. The whole idea behind NFTs is to show that trademark and digital copyright laws are being followed and to make sure they are.
In the real world, there are almost an infinite number of ways to use NFT.
One of these uses could get rid of expensive steps in the real estate or personal property markets by replacing digital paperwork with tokens that prove ownership.
As NFTs grow and change on the blockchain, more ideas for how to use them are likely to come up.
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Conclusion: How Many NFTs Are There In The World?
According to the most recent and accurate online data available, how many NFTs are there in the world?
Some of this information comes from NFT websites and some from The Motley Fool.
If you’re an investor, this data is crucial to making decisions for investing in NFTs. If you’re a creator, this information is vital to what you create and if it’s worth the production costs.
Based on this information, will you invest in NFTs, create NFT images/art, or wait it out and just keep your eye on the market?
