What can an NFT be?

An NFT can be any form of digital asset, such as music, photography or even a digital perfume. In a sense, it’s similar to fine art collecting, whereby you purchase something in the hope that it will appreciate in value. However, this doesn’t always happen.

When one crypto entrepreneur purchased the first-ever tweet from Twitter founder Jack Dorsey for $2.9 million, he listed the NFT for sale for more than ten-times what he bought for it. However just a year after it was first bought, it lost 99% of its value.

How valuable can it be to sell an NFT?

As brands with an ecommerce platform take the metaverse by storm, even Muse is currently sitting atop the British album charts with an NFT album.

But how much money are you actually likely to make by selling an NFT? While you may see the headlines that some investors have made millions through their sale, realistically how much are they selling for?

To better understand, Remarkable Commerce has analysed over 700 NFTs on the marketplace, OpenSea. Each digital asset is in Ethereum currency, the cryptocurrency for most NFTs. After converting each floor price of the NFTs into Great British Pounds, Remarkable Commerce then put this into real terms: How many NFTs would you need to sell to purchase an engagement ring, a Jackson Pollock painting or even a house deposit?

So, how much could you fetch for an NFT?

We have looked at eight different industries to break it down for you, in real terms, how much brands and consumers alike could look to make by getting into the NFT industry.

The data below is taken from the top 100 NFTs currently trending within each area. Each floor price was then compared to discover the median cost for each NFT in the sector.

Overall, NFTs with a photography-focus fared the best, with some of the most lucrative collection floor prices averaging at 50 ethereum - or £70,490.20 per NFT. This includes the likes of Where My Vans Go - a collection of images following a man travelling and climbing across the United States. Collectible NFTs are also pricey and sellers can benefit from a premium if you can sell them well.

The least lucrative, according to our research, is trading cards. While many associate real-life trading cards with often being exclusive and worth a fortune, it seems that it’s harder to make a big amount in this area, with them averaging at £38.45 per sale.

Industry NFT Prices

What could you buy with an NFT, by industry?

Photography

Photography is the most lucrative NFT industry, with the median NFT going for almost £900.

For excellent photographers, NFTs can help them to be better credited for their work, since most photographs can be digitally scanned. The most valuable NFTs are often tied to the uniqueness of the product, and help photographers to make more of an income from their photos as our world becomes more digital.

How many photography-based NFTs would you need to sell to buy certain items?

Collectibles

The online NFT collectibles market is continuing to boom, with people collecting unique NFTs of memes, cats and images of apes in exchange for entry into the likes of a community.

Retailers like Adidas have partnered with the likes of Bored Ape Yacht Club to give exclusive access to virtual wearables for those who purchase the NFT, and the release of The Matrix Resurrections film was accompanied by 100,000 collectible Matrix-related NFTs.

How many collectible-based NFTs would you need to sell to buy certain items?

Art

Artists and curators are leading the charge in making NFTs more creative, and there are already a number of major art galleries holding NFT auctions and exploring ways to bring the digitalised medium into the mainstream.

NFTs have made owning unique, fine-art more achievable and within reach for millions of people, by merging the physical and digital.

But how many NFTs would you need to sell to get actual, physical art? Quite a few, it would seem.

How many art-based NFTs would you need to sell to buy certain items?

Utility

Utility NFTs go beyond simply being a unique digital asset. Utility NFTs often grant the owner specific privileges or rewards that they could not previously access. This includes exclusive access to a real estate community, metaverse land access and even a free holiday to a mystery location on a random date each year.

Retailers specifically are using utility-based NFTs as a clever tool to create an exclusive waiting-list for people to enter their metaverses.

How many utility-based NFTs would you need to sell to buy certain items?