Too Long; Didn't Read
Nearly one million NFTs were sold in May 2022, totaling $1 billion. Nearly half of collectors surveyed believe digital art should hold as much monetary value as a physical art. 61% say they are comfortable with buying art online. 63% of collectors have purchased an art NFT in the past year; 22% plan to spend more than $5,000 in the next year. A more digitally-focused art world means fewer barriers to entry for collectors, since accessing art will no longer be limited to accessing physical spaces. Art lovers can virtually tour a collection, visit a museum or even use a smartphone to experience AR installations right in the metaverse.