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Nonfungible tokens (NFTs) have been a part of the cryptocurrency industry since 2014, but their popularity and usage have exploded in the previous two years.
The total trading volume of NFTs peaked in August 2021, at over $5 billion, kicking off what was dubbed “NFT Summer” for a brief period.
Statistics to prove
More than half of the respondents said they have a HODL mentality and believe non-fungible tokens would play a major role in games in the future.
The NFT market is likely to move more than $800 billion in the next two years, according to the report, which primarily included investors from Asia and the Pacific, found that 72 percent of the 871 respondents already own at least one property.
According to the data, 43.6 percent of NFT investors polled were between the ages of 18 and 30, while 45.2 percent were between the ages of 30 and 50.
While the majority of the NFT market appears to be centered in popular collections such as the Bored Ape Yacht Club (BAYC) and CryptoPunks, 35.8% of respondents were interested in NFTs tied to play-to-earn and metaverse games, and 25% preferred art NFTs.
According to the study, “the metaverse sector is predicted to grow to over $800 billion in the next two years,” and “gaming appears to be the most likely entry point into the NFTs market.”
This is what investors are doing
Most market investors, on the other hand, claimed they were not interested in selling their NFTs. More than half of the respondents said they have a HODL mentality and believe nonfungible tokens would play a major role in games in the future.
Despite the hype, NFTs account for only a small portion of most cryptocurrency portfolios, with 70% of respondents saying that they make up 0-25 percent of their cryptocurrency holdings.
According to the report, Ethereum is still the most popular chain for NFTs, with 46.3 percent of respondents using it. With 13.8 percent, Polygon came in second, and Solana came in third with 13.5 percent. Other smart contract platforms accounted for 26.4 percent of all NFTs transacted by CoinGecko participants.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
