NFT Awareness & Adoption Around the World – The Latest Statistics and Trends

These NFT awareness and adoption statistics reflect a shift in the public attitude towards digital assets. Although non-fungible tokens (NFTs) were initially a niche phenomenon, they've become more mainstream in recent years.

The unique concept of NFTs redefined the ownership and exchange of digital and physical items, making waves in art, music, virtual real estate, and beyond. In 2021, an NFT of digital artist Beeple sold for $69.1 million at Christie's auction.

And since then, the NFT market has been growing, although it's now stabilizing after the 2021 boom. This growth and cross-industry NFT integration are the reasons why we'd like to study how awareness and adoption have evolved up to 2024.

In this guide, we'll delve into the current statistics, exploring the NFT market size, what people know about NFTs, who's adopting them, and what drives these trends. We'll also explore the top industries and use cases for NFTs, and the key challenges of NFT adoptions.

Let's get into it.

• Key NFT Awareness & Adoption Statistics
• Historical Data on NFT Development & Awareness
• NFT Market Size and Forecast in 2024
• NFT Awareness & Adoption Levels in 2024
  1. NFT Adoption in The Americas
  2. NFT Adoption in EMEA
  3. NFT Adoption in The APAC
• Top NFT Types, Categories & Sales
  1. Top NFT Categories
  2. The Most Expensive NFTs Ever Sold
• NFT Adoption Challenges
  1. Technical & Environmental Challenges
  2. Safety Concerns
  3. Regulatory Concerns
• Future of NFT Adoption
• Concluding Thoughts
• Sources
  • Key NFT Awareness & Adoption Statistics
  • Historical Data on NFT Development & Awareness
  • NFT Market Size and Forecast in 2024
  • NFT Awareness & Adoption Levels in 2024
    1. NFT Adoption in The Americas
    2. NFT Adoption in EMEA
    3. NFT Adoption in The APAC
  • Top NFT Types, Categories & Sales
    1. Top NFT Categories
    2. The Most Expensive NFTs Ever Sold
  • NFT Adoption Challenges
    1. Technical & Environmental Challenges
    2. Safety Concerns
    3. Regulatory Concerns
  • Future of NFT Adoption
  • Concluding Thoughts
  • Sources Key NFT Awareness & Adoption Statistics
    • In 2024, the NFT revenue is projected to reach $2.38 billion. The NFT market has a forecasted compound annual growth rate (CAGR) of 9.1% and is expected to reach $3.37 billion by 2028.
    • In 2023, there were approximately 13.27 million NFT users worldwide. That number is forecasted to reach 14.67 million in 2024 and 16.35 million by 2028.
    • As of August 2024, the NFT market cap is $7.7 billion.
    • In the US, the revenue in the NFT market is forecast to reach $119.8 million in 2024, though we could see a -3.84% decline by 2025 according to recent estimates.
    • Germany has consistently had the highest number of NFT adopters in the EMEA region, with the number forecast to reach almost 370,000 by 2025.
    • The most expensive NFT ever sold was an artwork called The Merge' by the digital artist Pak. It was sold on Nifty Gateway in December 2021 for $91.8 million.
    • The most lucrative NFT category in the last three months is avatars or profile pictures (PFP). The volume of sales over this period amounted to just over $1 billion.
    Historical Data on NFT Development & Awareness

    Although the first NFT was minted in 2014, the concept only rose to prominence in 2021, when an NFT compiling the work of the artist known as Beeple" was sold for $69 million at Christie's auction.

    That moment was seen as pivotal in the development of NFTs as a creative ownership verification tool. The resulting publicity and increased awareness were major contributors to the growth of NFT adoption.

    Statista

    Following this event, the number of NFT users worldwide tripled compared to previous 2020 estimates, reaching 3.51 million. In 2022, it tripled once more, reaching 9.85 million adopters.

    NFT Market Size and Forecast in 2024

    While NFT awareness is at an all-time high in 2024, widespread adoption is still a long way off.

    After the NFT craze of 2021, the NFT market cap reached a peak of $30.36 billion in May 2022 but has been fluctuating since. As of August 2024, it is down to only $7.7 billion.

    Statista

    Also, 95.3% of NFT collections had a 0 ETH market cap in September 2023. Moreover, NFT sales have also been going down.

    As you can see in the graph below, the peak NFT sales on the Ethereum exchange were in January 2022, when they reached $191.3 million in daily sales average.

    However, they've been seeing a significant drop ever since, reaching a daily sales average of $5.13 million in May 2024.

    Like this infographic? Feel free to use it on your website or blog, but please remember to give us credit by linking back to https://techreport.com/statistics/crypto/nft-awareness-adoption-statistics/

    However, NFT market forecasts until 2028 are mostly optimistic. In 2024, NFT revenue is projected to reach $2.38 billion. The forecasted CAGR for 2024-2028 is 9.1%, resulting in an estimated market size of $3.37 billion by 2028.

    It's likely the NFT market will stabilize after the 2022 peak, and adoption will continue at a slower but consistent rate.

    Let's see what the latest estimates show about NFT awareness and adoption right now.

    NFT Awareness & Adoption Levels in 2024

    According to the most recent figures, NFT awareness is growing rapidly, though adoption has yet to pick up.

    In the US, for example, the share of Americans who have at least heard of NFTs grew from 20% to 65% between 2021 and 2022 (soon after the 2021 NFT boom), according to Security.org.

    However, the share of those who engage in NFT transactions only grew from 2% to 4% during the same timeframe.

    Changes in NFT awareness among American respondents throughout 2021-2022
    Source: Security.org

    Worldwide, the number of NFT users seems to be going down, at least according to the number of active NFT wallets observed throughout 2021-2024.

    The number of NFT wallets peaked in Q1 of 2021 when it reached 1.95 million. Since then, it's been decreasing steadily. As of Q1 of 2024, there were only 197,419 wallets involved in NFT trading.

    Despite this, estimates based on historical data point to a potential increase in NFT users in the near future. In 2023, there were approximately 13.27 million NFT users worldwide. That number is forecast to grow to reach 14.67 million in 2024 and 16.35 million in 2028.

    Adoption trends could differ considerably across regions, though, so this is an important consideration. Let's examine the statistics of NFT adoption around the world to see where NFTs are thriving and where they're lagging behind.

    NFT Adoption in The Americas

    As of 2024, the US is one of the biggest NFT markets. This year, the revenue of the local NFT market is forecast to reach $119.8 million.

    However, it is projected to drop to $115.2 million by 2025, at a CAGR of -3.84%. The estimated ARPU in 2024 is $65, with the peak ARPU of $455 occurring in 2021.

    Like this infographic? Feel free to use it on your website or blog, but please remember to give us credit by linking back to https://techreport.com/statistics/crypto/nft-awareness-adoption-statistics/

    In terms of user count, the US saw significant growth in 2021, when the number of NFT adopters went up 515.89% from 82,970 to 511,000. In 2024, there are approximately 1.84 million NFT users in the country.

    Other countries in the Americas region are seeing similar trends, primarily Brazil and Mexico, which are the leading NFT markets in Latin America.

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    The NFT market in Brazil is expected to reach $25.4 million this year, though it's estimated to drop to $24.6 million by 2025 at a CAGR of -3.11%.

    As for user adoption, in 2024, there will be 428,800 Brazilian NFT users, according to recent estimates. This figure represents a 12.3% growth from the previous year, when the country had 379,100 users.

    This is the largest adoption growth in the Latin American region since 2022 - an addition of 200,00 users.

    This is still significantly lower than the US, but it's worth mentioning the ARPU in Brazil in 2024 is also slightly lower than in the US at $59.2. The peak ARPU in Brazil occurred in 2021, when it reached $414.2.

    In Mexico, the 2024 market is approximately $12.6 million, and it's forecasted to reach $12.1 million by 2028. And 2024 estimates place the number of NFT users in Mexico at 210,000. The 2024 Mexican ARPU is $59.7, down from its 2021 peak of $417.8.

    NFT Adoption in EMEA

    The EMEA market is seeing fluctuations in the number of users and local NFT market size. The most recent estimates forecast continued user adoption but a shrinking market size.

    We've seen that the number of NFT adopters in the EMEA region has grown consistently since 2020. Based on these trends, Statista forecasts continued adoption throughout 2024.

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    As the graph shows, Germany has consistently had the highest number of NFT adopters, with the number forecast to reach almost 370,000 by 2025.

    The UK and Russia, however, aren't far behind. The number of British adopters is estimated to be 324,100 by 2025, and the Russian Federation will likely see as many as 322,200.

    Despite this, the growth of NFT markets in most EMEA regions (apart from Spain) will be negative in 2025 at a CAGR of -3-4%.

    Here's an overview of the key EMEA regions, their projected NFT market values in 2024-2025, and the local NFT ARPU in 2024:

    Country	NFT Market Size, 2024	NFT Market Size, 2025	ARPU, 2024
    UK	$20.3 million	$19.4 million	$63
    Germany	$23.4 million	$22.2 million	$63.6
    France	$15.2 million	$14.5 million	$63.5
    Spain	$45,400	$63,100	$285.80
    Russia	$20 million	$19.4 million	$60.6
    UAE	$3,220	$3,106	$63.3
    Saudi Arabia	$6.3 million	$6 million	$62.9

    The NFT market isn't growing, as you can see. Fewer people are investing following several analyses of NFTs, including a 2023 dappGambl report concluding that an overwhelming majority of NFTs are now worthless.

    NFT Adoption in The APAC

    The APAC region is another important NFT market.Together withAustralia and Oceania, the Asian NFT market is expected to have a cumulative value of $224 million in 2024.

    However, just like in the Americas and EMEA, the market isn't expected to grow in 2025. Like in the other regions, the forecasted CAGR is negative, around -3.76%

    In total, the Asian market is expected to have 3.59 million NFT users by 2025, while Australia and the Pacific are expected to reach 182,700.

    Here's a breakdown of regional NFT adoption figures in 2020-2025 by country:

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    India is the regional leader in NFT adoption. It is the only country on the list besides the US where the number of adopters exceeded 1 million, and it's on its way to reaching 1.45 million users by 2025.

    Moreover, the NFT market size in India is $80.3 million, with an ARPU of $55.6 in 2024.

    To compare, Indonesia and Japan have market sizes of $28,200 and $16.9 million, respectively. Japan is forecast to have 261,200 NFT users in 2024 with an ARPU of $64.5, and Indonesia will reach 385,600 users with an ARPU of $31.21.

    Top NFT Types, Categories & Sales

    People adopt NFTs for different reasons. A study by CoinGecko suggests that utility and long-term profit are the primary drivers of NFT adoption.

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    Another popular reason is staking or locking up NFTs on the blockchain platforms to earn rewards. Some prefer to use NFTs that way to generate passive income, or boost community engagement.

    Personal preferences and interests also inform people's decisions on which NFTs to buy. For example, gaming enthusiasts prefer NFTs from the gaming industry, art and music lovers are more likely to go for NFTs from the creative industries, and so on.

    And some NFT categories are more popular than others. So, let's see the most popular and lucrative NFT categories, and the most expensive NFTs ever sold.

    Top NFT Categories

    Throughout 2020-2022, gaming NFTs had the largest investment value. In September 2020-2021, $573 million was invested in this segment. In September 2021-2022, that investment tripled, reaching $1.73 billion.

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    NFT marketplaces were the second-most lucrative NFT category, having raised $294 million in investment between September 2020 and 2021 and $1.1 billion in the following 12 months.

    However, the situation is a little bit different today. According to NFT Price Floor, the most lucrative category in the last three months is avatars or profile pictures (PFP). Its sales volume amounted to just over $1 billion throughout this period.

    Art and utility NFTs are the second and third most lucrative categories, with sales volumes of $149.5 million and $129.9 million, respectively.

    The Most Expensive NFTs Ever Sold

    The most expensive NFT ever sold was an artwork called The Merge" by the digital artist Pak. It was soldon Nifty Gateway in December 2021 for $91.8 million.

    Unlike most NFTs, The Merge" is owned collectively by over 28,000 collectors rather than one person.

    Like this infographic? Feel free to use it on your website or blog, but please remember to give us credit by linking back to https://techreport.com/statistics/crypto/nft-awareness-adoption-statistics/

    Earlier, we mentioned the artwork Everyday: The First 5000 Days" by the artist Beeple, which was the first high-profile NFT ever sold. It went for $69.3 million in March 2021. As of 2024, it's the second-most-expensive NFT artwork ever sold after The Merge.'

    NFT Adoption Challenges

    The decline of the NFT market that we explored in this guide is a testament to how challenging adopting NFTs can be. In this section, we'll take a look at some of the most common barriers to NFT adoption.

    Technical & Environmental Challenges

    The technical complexity of NFTs is a significant entry barrier that deters prospective adopters. NFTs are built on blockchain technology and smart contracts, two concepts that are still new among the general public.

    While this technology is secure, it can also significantly slow down the transaction of NFTs, according to a 2023 paper featured in Technological Forecasting and Social Change.

    Science Direct

    Moreover, since many NFTs are built on the Ethereum blockchain and similar chains, any issues associated with the blockchain platform will also impact the scalability of NFT projects.

    In addition to technical issues, the adverse environmental impacts of blockchain technology are also a concern. Ethereum's annual energy consumption, for instance, is equal to that of Hungary. So, the more people use it to generate NFTs, the higher the footprint.

    Platforms like Ethereum need to pursue more energy-efficient approaches to address these sustainability challenges and help them scale in an environmentally conscious manner.

    Safety Concerns

    NFT is still a relatively new market, and it's vulnerable to scams such as rug pulls.' The related news stories have made many potential users wary of the concept.

    Moreover, since NFTs are strongly associated with Web3, the related controversies are also coloring people's perceptions.

    The anonymity associated with NFTs, coupled with their digital storage and reliance on smart contracts, renders them vulnerable to spoofing and credentials theft. These threats add another layer of uncertainty for consumers.

    Regulatory Concerns

    Like cryptocurrency, NFTs are a gray area when it comes to regulations. Although many countries, including the UK, have defined NFTs as property for tax reasons, that's not the case for other jurisdictions.

    In addition, the applicable IP laws grant limited protections to NFT creators. Purchasing NFTs doesn't transfer the artist's IP rights to the buyer, as stated in the smart contract of purchase.

    However, artists are still exposed to unauthorized reproduction as digital files can still be shared (for example, through screenshots). Moreover, unauthorized NFT minting can cause harm to the real creators.

    Future of NFT Adoption

    Based on the trends of decreased interest in NFTs outlined in this guide, it's hard to say whether they will see a resurgence in the coming years. As of 2022, Security.org reported that over 80% of US adults were unlikely to buy an NFT.

    Security.org

    Addressing key NFT adoption challenges, some of which we discussed in the previous section, is key to encouraging wider NFT adoption and increasing the NFT market.

    For instance, to address the technological issues of NFTs, we'd need to address the technical issues like operability, and the environmental impact of blockchain platforms.

    If NFTs become more sustainable and scalable in the future, they could become more secure and energy-efficient, thus boosting consumers' interest.

    Although the most prominent uses of NFTs today are avatars, art, and gaming, there are many other potential applications.

    For instance, with the rise of the Metaverse, NFTs could become more prominent in enabling digital asset ownership and transactions as they become more popular as in-game assets. As Web3 gaming grows, NFT use in gaming will likely grow too.

    In addition to creators, NFTs also have applications for businesses and brands. Companies such as Prada, Nike, Adidas, and Burger King, to name a few, are already embracing NFTs.

    With more large brands embracing the concept, the legislative framework will likely be more stable in the future, and consumers will have more clarity on NFTs.

    Concluding Thoughts

    As we saw, the NFT adoption boom occurred in 2021-2022, but the market has been declining since. Around the world, NFT adoption has been slow in 2023-2024. Estimates suggest we'll see less than 14.7 million NFT adopters in 2024.

    Nonetheless, the NFT market looks promising, with plenty of opportunities left for creators and investors. To really grow, however, it needs to resolve pressing technological, societal, environmental, and legislative challenges.

    Should these concerns be addressed in the future, there's every chance that we'll see a larger NFT market and adoption levels in the next few years. We'll keep you posted.

    SourcesClick to expand and view sources
    • A Brief History of NFTs and Digital Art (Sotheby's)
    • Beeple Sold An NFT For $69 Million (The Verge)
    • NFT - Worldwide (Statista)
    • NFT Market Capitalization In The Previous 7 Days From September 1, 2021, To August 3, 2024 (Statista)
    • NFT - Statistics & Facts (Statista)
    • Most Expensive Non-Fungible Token (NFT) Sales Worldwide As Of March 16, 2021 (Statista)
    • Number Of Active Wallets That Either Bought Or Sold An NFT Asset Worldwide From 1st Quarter Of 2020 To 1st Quarter Of 2024 (Statista)
    • Average Number And Value Of Completed NFT Sales On The Ethereum Blockchain Up To May 5, 2024 (Statista)
    • NFT Categories With The Highest Value Of Investments From September 2020 To September 2021, And September 2021 To September 2022 (Statista)
    • NFT - Worldwide NFT Investments 2020-2022 | Statistadwide (Statista)
    • NFT - United States (Statista)
    • NFT - Mexico (Statista)
    • NFT - Argentina (Statista)
    • NFT - UAE (Statista)
    • NFT - Saudi Arabia (Statista)
    • NFT - Russia (Statista)
    • NFT - Germany (Statista)
    • NFT - France (Statista)
    • NFT - United Kingdom (Statista)
    • NFT - Spain (Statista)
    • NFT - Hong Kong (Statista)
    • NFT - Japan (Statista)
    • NFT - India (Statista)
    • NFT - Australia (Statista)
    • NFT - Indonesia (Statista)
    • Value Of Sales Involving A Non-Fungible Token (NFT) In Gaming, Art, Sports And Other Segments From 2018 To 2021 (Statista)
    • Dead NFTs: The Evolving Landscape Of The NFT Market (DappGambl)
    • The Vast Majority Of NFTs Are Now Worthless, New Report Shows (The Guardian)
    • NFT Awareness And Adoption Report (Security.Org)
    • Discover, Track And Trade NFTs - All In One Place (NFT Price Floor)
    • Why Do People Buy NFTs: 2023 Study (Coingecko)
    • Collection Stats (Opensea)
    • Decoding The Top 15 Most Expensive NFT Collections In 2024 (NFT Evening)
    • The Most Expensive NFTs Ever Sold (Crypto.Com)
    • A Review Of The Key Challenges Of Non-Fungible Tokens, Technological Forecasting And Social Change, Volume 187, 2023 (Science Direct)
    • Controversies In Web3 And Blockchain: Beyond The Hype (Medium)
    • Legal Implications Of Your Business Buying Or Selling NFTs (Legal Vision)
    • List Of 42 Brands Using NFTs ... And How Exactly (Kallis)
    • Prada Joining Top Luxury Brands In Web3 With Ethereum NFTs (Decrypt)

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