Crypto art is worth billions…for now

Non-fungible tokens, or NFTs, made quite a splash last year—and while 2022 is still in its infancy, the trend seems to be picking up steam. The NFT marketplace OpenSea just raised $300 million USD, and the hunger for these virtual assets continues to grow.

But by how much? Speaking to the French newspaper Le Monde, L’Atelier BNP Paribas CEO John Egan estimated the market for NFTs in the neighbourhood of $22-27 billion USD, as opposed to the $41 billion USD figure suggested by the Financial Times. Still, as Egan noted, this is a staggering figure for “goods” nobody had heard of a year ago.  

Can the “mania” for digital pictures of lethargic monkeys or luxury heels really be sustainable? It’s an open question for the moment, but a number of trends are pointing in interesting directions. Read the full article (in French) to learn more.