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- A total of 950,000 wallets were purchased and were sold in the form of NFTs during the initial quarter of this year.
- The number of wallets acquired and sold as non fungible tokens escalated in contrast to the final quarter 2021, from 627,000 to the aforementioned figure.
- Anything digital or which can be transformed into a virtual form can be considered as NFT, which can be traded at platforms.
Increase In Number Of Wallets Sold As NFTs
NFT enthusiasts have witnessed several things being sold as NFTs, like the first ever edit on Wikipedia, a video of a burning passport and many other things. HEre we are discussing the increase in the number of digital wallets being sold in the form of non fungible tokens.
As per a report by the data aggregator Chainalysis, total addresses sold and acquired have risen numbers during the 1st quarter this year in comparison to the Q4 2021. The figure changed substantially from 627,000 to 950,000 distinct wallet addresses.
As per the report issued by Chainalysis, State of Web3, sellers and buyers of non fungible tokens have constantly risen in each quarter, counting from Q2 2020.
Non fungible tokens are the cousin sisters of the conventional crypto assets, but they cannot be interchanged with each other similar to the traditional cryptocurrencies.
NFTs contain particular data, like video, gif, images, doc etc, which are eventually recorded on the blockchain. They provide the true ownership of whatever the data, the NFT is containing.
Downtime For NFT Sector
There’s no doubt that the NFT sector witnessed a massive surge during the year 2021, when it just exploded and offered a plethora of profits to the investors making investments in the space.
June 2022 remains to be the worst time period for the NFT sector as it failed to perform prominently. As per the data offered by NFTGo, a data aggregator, daily trade volume plunged down to daily volume of around 19,000 NFTs.
Crypto bloodbath remains to be the major cause of this downfall in the NFT sector, and it appears that until this crypto winter is here, it is going to affect its surrounding industries.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
