The non-fungible token market is quietly approaching a milestone that would have seemed unimaginable when CryptoKitties first clogged the Ethereum network in late 2017. Total NFT sales have climbed to nearly $100 million, according to data from NonFungible.com, signaling that blockchain-based digital collectibles are far more than a passing curiosity.
As Bitcoin trades at approximately $8,813 and Ethereum hovers around $185 on November 9, 2019, the broader cryptocurrency market cap sits near $240 billion. Yet beneath the surface of these headline numbers, a quiet revolution in digital ownership is gathering momentum.
TL;DR
- Total NFT sales have reached approximately $96.2 million since 2017, approaching the $100 million milestone
- Blockchain collectibles account for over $37 million of all NFT transactions
- Virtual world NFTs represent $27.5 million, with one Decentraland user paying over $80,000 for a single plot of virtual land
- Crypto art NFT sales have reached $1.7 million, with significant growth potential ahead
- L’Atelier (BNP Paribas) values the broader virtual economy at $100 billion
The Numbers Behind the NFT Boom
Andrew Steinwold, partner at Polynexus Capital, has been tracking the NFT market closely. Writing in Bankless, Steinwold pointed to the $96,186,581 in cumulative NFT sales recorded by NonFungible.com since 2017 as evidence of a market that could one day be worth trillions of dollars. “The above stats show just how early we are in a market that one day could be worth trillions of dollars,” Steinwold wrote.
The breakdown of these sales reveals a diverse ecosystem. Blockchain collectibles — tokens with minimal functionality beyond ownership and trade — dominate at over $37 million. This category includes early pioneers like CryptoKitties and CryptoPunks, which are predominantly held for speculation and resale rather than utility.
Virtual world NFTs come in second at $27.5 million. These tokens typically represent parcels of land in blockchain-based virtual environments. The most prominent examples include Decentraland and Cryptovoxels, where users are willing to pay substantial sums for digital real estate. In a striking demonstration of this trend, one Decentraland user paid more than $80,000 for a single virtual plot.
Crypto Art: Small but Mighty
Perhaps the most intriguing category is crypto art, which has generated $1.7 million in sales so far. While this represents a small fraction of total NFT volume, the growth trajectory and cultural significance of blockchain-based art cannot be overstated.
“The Internet democratized the media by allowing artists to gain their own following online… but the galleries still controlled the financial rails,” Steinwold observed. “Now, by tokenizing artwork, artists can finally control their finances because they are selling their work on a global, uncensorable financial system.”
The ERC-721 token standard on Ethereum has emerged as the technical backbone for most NFTs, enabling developers to create unique, non-interchangeable tokens that can represent anything from digital artworks to in-game items and virtual property deeds.
A $100 Billion Virtual Economy
The NFT market does not exist in isolation. A comprehensive report from L’Atelier, part of the BNP Paribas group, identifies a $100 billion “virtual economy” underpinned by NFTs and virtual worlds. The report suggests this economy will be central to a generational wealth transfer in the coming years, as younger demographics who grew up in digital environments increasingly value virtual goods and experiences.
The annual virtual goods market alone exceeds $50 billion, encompassing in-game purchases, digital cosmetics, and other items that players buy within gaming ecosystems. NFTs offer a paradigm shift by enabling true ownership of these digital goods — allowing players to trade, sell, and transfer items across platforms rather than being locked into a single game’s ecosystem.
Infrastructure Gaps and Fiat On-Ramps
One of the most significant barriers to mainstream NFT adoption has been the complexity of purchasing tokens. Most NFT platforms require users to already own cryptocurrency, create digital wallets, and navigate the often confusing world of decentralized applications. This friction has kept NFTs largely confined to the crypto-native community.
Several platforms are working to address this gap. Nifty Gateway, founded in 2018, allows users to purchase NFTs directly with credit cards and debit cards, effectively bypassing the need to own cryptocurrency. This fiat on-ramp approach could be critical in opening the NFT market to the broader public.
With the top five cryptocurrencies by market cap on November 9 being Bitcoin ($8,813), Ethereum ($185), XRP ($0.28), Bitcoin Cash ($282), and Tether ($1.00), the crypto market has matured significantly since the wild volatility of 2017-2018. This growing stability provides a more reliable foundation for NFT platforms to build upon.
Why This Matters
The approaching $100 million NFT milestone matters because it demonstrates sustainable, organic growth in a market that many dismissed as a gimmick after the CryptoKitties hype faded. The diversification into virtual worlds, digital art, and gaming items suggests that NFTs are finding genuine product-market fit across multiple verticals.
As institutional infrastructure continues to develop — with regulated platforms like Bakkt setting daily volume records in November 2019 — the plumbing needed to support a much larger NFT market is being put in place. The question is no longer whether NFTs will become a meaningful asset class, but how quickly the transition will happen and which platforms will emerge as the winners.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. The cryptocurrency and NFT markets are highly volatile. Always conduct your own research before making investment decisions.