NFT collectors sent $37 billion to the market in the first 5 months, the same as the whole of last year

This year (as of May 1), collectors of non-fungible tokens (NFTs) have sent more than $37 billion in value to the NFT market, a figure that nearly exceeds the total for all of 2021.

According to a report by Chainalysis, investors sent $40 billion worth of cryptocurrency to smart contracts related to NFT series and markets in 2021.


Source: Chainalysis

Since the beginning of last year, NFT transaction volume has grown substantially, but the overall growth of the industry has not been stable.

The report notes that NFT trading volumes are volatile and have been sluggish since mid-February. Since then, as of mid-April, there has been a brief recovery in the NFT market — most likely due to the recent hype surrounding Moonbirds and Bored Ape Yacht Club’s Metaverse project Otherside.

Despite short-term fluctuations in NFT trading volume, the number of people buying and selling NFTs around the world remains strong, with 950,000 unique addresses buying and selling NFTs in the first quarter of 2022.

As of May 1, 491,000 unique addresses have conducted NFT transactions in the second quarter of 2022, continuing the growth trend in the number of market participants.

By analyzing the network traffic of major NFT markets, Chainalysis pointed out that NFTs attract users from all corners of the world, with the majority of users in Central and South Asia, followed by North America and Western Europe.


Source: Chainalysis

The report contradicts the conclusions of a recent Wall Street Journal article. According to the article, NFT sales have stalled. The article stated that “the NFT market is collapsing,” however, in the same week, the first five NFT series alone surpassed $1 billion in primary and secondary sales.

This report from Chainalysis comes a day after Coinbase launched its internal NFT marketplace without any major attention. On-chain data shows that only 150 transactions took place on May 4 (the first day of trading), and the platform’s transaction volume was only $75,000.

Posted by:CoinYuppie,Reprinted with attribution to:
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