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According to analytics platform, NTFGO, the total market cap of NFT projects exceeded $15B, less than 1% of the total crypto market cap. The space continues to gain attention and likely has tremendous upside based on the size of the sector in the broader crypto space. Messari recently did a nice categorization of NFTs that we thought would be interesting to share with our readers.
Avatar - BAYC, Punks, Azuki, CloneX
Gaming - Loot, Big Time, Axie
Utility - NFTs used as membership, Aokiverse (these are typically semi-fungible)
Metaverse Assets - SAND / MANA land and other assets
Social - HeadDAO, LinksDAO, MetaHero Universe
Intellectual property - Adidas, Budverse Cans, Pepsi Mic Drop, TwitterMusic
Financial / DeFi - Uniswap liquidity positions, yield bearing NFTs, VISOR NFTS
The NFT space is a lot bigger than we expect, but Avatars make up most of the volume, MCAP and what we see from a project perspective shared on Twitter or trending on OpenSea. See breakdown below from Messari:
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