BeInCrypto –

The explosion of non-fungible tokens (NFTs) representing digital art has helped the art community rebound after a down 2020.

The contemporary art market has hit an all-time high in annual sales on the back of the exploding NFT market. According to a recent report from Artprice, the market rebounded from a down year and has seen an all-time high in sales over the last year of around $3.67 billion. The report suggests that the arrival of NFTs in the mainstream, along with the staggering prices some bring, have helped to contribute to such record-breaking numbers.

According to the CEO of Artprice, Thierry Ehrmann, “auctioneers quickly adopted a more online approach. Photography and prints have been particularly successful in this new online environment and in 2021, we have seen the sensational arrival of completely dematerialized artworks, the famous NFTs.” The study finds that NFTs accounted for around 33% of all online sales over the last year, totaling 2% of the total art market.

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