Digital Nations
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  • Web3 Overview
    • What is Web3?
    • The Problem with Centralized Economies
    • The Benefits of Decentralized Economies
    • How do Decentralized Economies Work?
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        • What is a Cryptocurrency?
        • What is Money?
        • The Problems with Centralized Money
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        • How do Cryptocurrencies Work?
          • What are Databases?
          • How are Cryptocurrencies Distributed?
          • How are Cryptocurrencies Decentralized?
            • What are Blockchains?
            • What is Digital Key Cryptography?
            • What is Consensus Mining?
        • Key Players
          • Bitcoin
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        • Problems with Cryptocurrencies
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        • What is DeFi?
        • The Problems with Centralized Finance
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        • What's Different about DeFi?
          • Decentralized Cash (aka "Stablecoins")
          • Decentralized Exchanges
          • Decentralized Lending and Borrowing
          • Decentralized Insurance
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        • What's New in DeFi?
          • Yield Farming
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          • Money Legos
        • DeFi Infrastructure
          • Smart Contract Platforms
          • Oracles
          • Data Aggregators
          • Storage Protocols
          • Interoperability Protocols
        • The Dark Side of DeFi
          • High Fees
          • User Error
          • Usage by Criminals and Terrorists
          • Exploits, Hacks and Attacks
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        • Why DeFi Will Eat Wall Street
      • NFTs
        • What are NFTs?
        • Problems with Centralized Asset Ownership
        • Benefits of Decentralized Asset Ownership
        • History of NFTs
        • How do NFTs work?
          • What is a Token?
          • What makes a token “Non-Fungible”?
          • What are Smart Contract Platforms?
        • NFT Ecosystem
          • Digital Art
            • Avatars
            • Collectibles
            • Art
          • Virtual Worlds
          • Gaming
          • Social
          • Music
          • Intellectual Property
          • Other NFT Applications
        • NFT Infrastructure
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          • Rollups
          • Decentralized Storage
          • NFT Marketplaces
          • Wallets
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          • Borrowing and Lending
          • Licensing
          • Fractionalization
        • Criticisms of NFTs
          • Weak Arguments Against NFTs
            • Easily Copied
            • Centralized
            • Tacky
          • Legitimate Criticisms of NFTs
            • High Fees
            • Fraud and Theft
            • Poor User Experience
        • Why NFTs Will Eat Hollywood (and maybe the World…)
      • DAOs
        • What is a DAO?
        • The Problem with Traditional Corporations
        • The Benefits of a DAO
        • How Does a DAO Work?
        • DAO Ecosystem
          • Protocol DAOs
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          • Media DAOs
          • Service DAOs
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        • DAO Tooling
          • Communications
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        • Problems with DAOs
          • Lack of Legal and Regulatory Clarity
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          • Usage by Criminals and Terrorists
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        • Why DAOs will Eat Corporations
      • Smart Contract Platforms
        • What are Smart Contract Platforms?
        • The History of Smart Contract Platforms
        • Why are Smart Contract Platforms Important?
        • How do Smart Contract Platforms Work?
          • Whare are Blockchains?
          • What are Smart Contracts?
          • What is Consensus Mining?
        • What are the Problems with Smart Contract Platforms?
        • How do we Solve these Problems?
          • On-Chain Solutions
          • Off-Chain Solutions
        • Who are the Key Players?
          • Ethereum
          • BSC (formerly Binance Smart Chain
          • Cardano
          • Solana
          • Avalanche
          • Polkadot
          • Polygon
          • Tron
          • NEAR
          • Cosmos
        • What’s Next? The Multi-Chain World
    • Web3 Infrastructure
      • Virtual Worlds
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      • Decentralized Domain Name Servers
      • Decentralized Internet Service Providers
      • Node Providers
      • Smart Contract Platforms (Layer 1s)
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      • Querying Tools
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    • Challenges
      • High Fees
      • Limited Traction
      • Volatility
      • Environmental Concerns
      • Limited Interoperability
      • Miner-Extractable Value (MEV)
      • Poor User Experience
      • Usage by Criminals and Terrorists
      • Hacks and Scams
        • Malware
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      • Lack of Legal and Regulatory Clarity
    • Why Web3 Will Eat the World
  • Resources
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  1. Web3 Overview
  2. The Web3 Ecosystem
  3. NFTs

NFT Ecosystem

Note: Data in this section last updated May 28th, 2022

PreviousWhat are Smart Contract Platforms?NextDigital Art

Last updated 2 years ago

According to NFTGo, as of late May 2022, the market capitalization of the NFT space is $25.78B, or around 2% of the crypto space as a whole.

The space is broken down into 6 key verticals which include:

  • Art: Digital art, profile pics and collectibles

  • Virtual Worlds: Virtual land and goods

  • Gaming: Play-to-Earn games

  • Intellectual Property: Patents, trademarks, copyrights, domain names, etc…

  • Social: Online social clubs and access NFTs

  • Music: Recorded music and memorabilia

A more detailed analysis of each category is provided in the coming sections

👉
Source: NFTGo as of 5.28.22