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Reports shows the NFT space have performed significantly well in first half of 2022.
Non-fungible token space has seen a massive boom in 2021. The popularity and adoption of the digital collectibles almost turned into a frenzy. People were spending millions of dollars to buy NFTs while digital artists were at the receiving end who made tons of money. With the start of this year, the broader crypto market had not enough cheer and so the case with the NFT space. However, the reports consisting of overall spending towards NFT minting is quite significant.
Nansen – prominent blockchain data firm – reported in their new market research that the approx 2.7 billion USD worth ETH were spent in minting NFTs. This totals for about 963,227 ETH. The overall spending took place during the first half of 2022.
The report further explained the overall funds allocated across different platforms. For instance, a majority of this overall spending went on the NFT marketplace, OpenSea. Participation of approx 1.088 million distinct wallets were noted on Ethereum network during the initial half of this year.
The reports also took users spending across different networks including BNB Chain and Avalanche where NFTs worth 107 million USD and 77 million USD were minted respectively. Both these chains have seen involvement of 263,800 wallet addresses in minging of NFTs.
Daily minting volume of NFTs on Ethereum crossed 120K ETH by the month of May in 2022. Overall 28,986 digital collectibles were minted and sold out on Ethereum. The stats show the separate data of earning made by different numbers and types of NFTs.
More than 60% of the overall projects generated 5 ETH or below revenue. However, about 140 collections managed to collectively raise more than 1,000 ETH. While looking closely, it shows that approx 8.4% of the overall meaning of NFT accounts by the top five NFT projects. These NFT collections include Pixelmon-Generation 1, VeeFriends Series 2, Moonbirds, Genesis Box and World of Women Galaxy.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
