nft price-engagement-ring

How Many Nft’s Would You Need To Sell To Buy An Engagement Ring?

Just how lucrative are non-fungible token transactions?

What do the first ever tweet, Snoop Dogg, a yacht club and NBA collectibles have in common? All have featured, in some way, in the selling of NFTs - or non-fungible tokens.

While still in their infancy, an NFT is a cryptographic asset recorded on a blockchain that cannot be replicated. Just as you get a unique piece of art, or buy a house, an NFT is an asset that cannot be replaced by something else. It’s different to the likes of bitcoin, which can be traded for another bitcoin - making it fungible.

Blockchain is used for NFTs to usually establish sole ownership and digital provenance for each NFT owner, which can make some of the digital assets particularly lucrative.

Pictures of apes have sold for hundreds of thousands of pounds, and a number of household brands and fashion ecommerce retailers are getting in on the action. Vogue’s Business Index found that 17% of fashion brands have already worked with NFTs - and this number is expected to grow.

Boohoo has an exclusive NFT collection, Gucci has a marketplace for curated NFT artwork, and Selfridges even sold NFTs and digital fashion in its store.

The identity of your ecommerce brand is just as important as ever, and as retailers look to create bespoke ecommerce websites and experiences, NFTs can be a really impactful way to increase brand awareness. With the rise in omnichannel retail, brands need to ensure that their website maintains visibility in the space, and implementing new innovations such as NFTs and the metaverse can be a stepping stone towards this.

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

Median sale cost in £ 

Photography

£897.15

Collectibles

£435.76

Art

£358.86

Utility

£211.47

Virtual World

£179.43

Music

£89.71

Sports

£64.08

Trading Cards

£38.45


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?

Item

Average cost

Number of NFTs you would need to sell at £897.15 each

Engagement ring

£3,686

4.11

A wedding

£20,493

22.84

A Jackson Pollock painting

£25,771.95

28.73

Average yearly salary in the UK

£31,447

35.05

A Tesla

£101,990

113.68

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?

Item

Average cost

Number of NFTs you would need to sell at £435.76 each

Engagement ring

£3,686

8.46

First edition of Harry Potter and the Prisoner of Azkhaban

£4,500

10.33

Private Hermes Birkin 25 Leather Handbag in Black 

£17,400

19.39

10% deposit on a house

£36,517.30

83.80

Derby County Football Club

£22,000,000

50,486.51

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?

Item

Average cost

Number of NFTs you would need to sell at £358.86 each

Limited Edition Macallan 1984 Whisky

£2,750

7.66

Engagement ring

£3,686

10.27

Takashi Murukami painting

£6,428.59

17.91

Jackson Pollock painting

£25,771.95

71.82

Tesla

£101,990

284.21

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?

Item

Average cost

Number of NFTs you would need to sell at £211.47 each

Engagement ring

£3,686

17.43

VW Golf

£20,280

96.9

Small business start up

£22,756

107.6

10% deposit on a house

£36,517.30

172.68

Tesla

£101,990

482.291

JT-growth-banner.jpg

Launched in February 2022, the Yorkshire-based menswear retailer Joseph Turner are realising exponential growth following their re-platforming to the Remarkable Commerce platform. Their digital conversion rate grew by 20% within their first 30 days of selling through the platform. Read more about their growth story here.

Music

When you think of NFTs, visual assets may come to mind - but they have quickly infiltrated the music industry. From The Weeknd to Muse, some of the top musicians are making waves in the NFT music industry, and anyone who purchases a music-based NFT receives a digital version of the item - either multiple buyers or make it so there is one exclusive owner.

The artist can then also make it so that they receive royalties if the buyer sells the album or digital copy on to someone else, ensuring that the artists maintain the power over their digital merchandise.

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

Item

Average cost

Number of NFTs you would need to sell at £89.71 each

All inclusive luxury holiday to Spain for four

£3,416

38.07

Engagement ring

£3,686

41.08

A new kitchen

£10,555

117.65

Hermes Birkin 25 Leather Handbag in Black

£17,400

193.95

VW Golf

£20,280

226.06

Virtual world

Virtual worlds and NFTs go hand in hand. Virtual worlds are alternative realities where users and brands alike can create and trade digital items and display NFTs.

On OpenSea, many NFT-related items for virtual worlds include items you can purchase for your metaverse or virtual world. While it takes a lot of work to create the worlds, it can be lucrative. You’d only need to sell two NFTs to purchase your own playstation, and 20 to afford an average engagement ring.

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

Item

Average cost

Number of NFTs you would need to sell at £179.40 each

PlayStation 5

£359.99

2

Weekly shop for the year

£3,601

20.1

Engagement ring

£3,686

20.5

Private jet charter from Liverpool to Dublin

£6,300

35.1

Derby County Football Club

£22,000,000

122,610.5

Sports

Sports NFTs are digital assets that represent the likes of sports cards from worlds including golf, rugby, football and more. Some NFTs allow you to become an owner of a metaverse football club, while others, such as NFTeams, involve specific teams that battle against each other each month.

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

Item

Average cost

Number of NFTs you would need to sell at £64.1 each

Monthly rent for one-bedroom apartment in central London

£1,823

28.4

Engagement ring

£3,686

57.5

Small-business start-up

£22,756

355.1

Jackson Pollock painting

£25,771.95

402.2

Derby County Football Club

£22,000,000

343,320.8

Trading Cards

NFT trading cards are often valued based on their scarcity, rarity and certification, just like real-life ones. Sometimes people are likely to pay a premium for them - however our research shows that they may be the least lucrative out of the other NFT areas.

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

Item

Average cost

Number of NFTs you would need to sell at £38.45 each

Engagement ring

£3,686

95.86

First edition of Harry Potter and the Prisoner of Azkhaban

£4,500

117.03

Takashi Murakami painting

£6,428.59

167.19

New kitchen

£10,555

274.51

Tesla

£101,990

2,652.53


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Report Methodology

To understand just how lucrative NFTs are, and the areas where they pay off the most, Remarkable Commerce analysed the current floor price of 700 of the current trending NFTs on marketplace, OpenSea.

Items marked under the ethereum currency were counted, and then analysed against the currency conversion on the day of analysis, which was £1281.64 for every one ethereum.

Reference points for the average prices for each item analysed are available upon request.

For more information on how a bespoke ecommerce platform could benefit your brand, please visit https://remarkable.net/blog/bespoke-ecommerce/

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