$37B Sent To NFT Marketplaces, Almost Equal To 2021

Bitcoinist

NFT investments have shown remarkable growth during the first half of the current year and are almost equal to the total sales volume for 2021. However, the crypto industry is experiencing a rare market condition.

As per the report, non-fungible token collectors have spent worth $37 billion in the industry and claimed that their transactions would be stable in 2022 after an exponential growth of the previous year. Last year, a significant rise occurred during the release of Mutant Ape Yacht Collection in late August.

How To Get Free Crypto  
5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Related Readings | Crypto Boom In The Gulf: Dubai, Abu Dhabi Fast Becoming Hotbed Of Digital Currency

NFT Investments Analysis

The report by Chainalysis shows that investors sent a whopping $40 billion worth of cryptocurrency to smart contracts associated with NFT collections and marketplaces throughout 2021.

The non-fungible token trade figures showed a remarkable growth during the initial months of last year, but the overall industrial growth remained inconsistent.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The analysis of the reports depicts unusual NFT trading activity. It appeared to decline till mid-February, and then the market witnessed positive recovery sentiments in mid-April of this year. The market recovery might have followed the metaverse projects developments around Bored Ape Yacht Club and Moonbirds. 

Bitcoin is showing a positive recovery of 0.03% and is trading at $35,949 | Source: BTC/USD chart from Tradingview.com

Although the market faced temporary fluctuations, there seems to be no variation in the number of customers investing in NFTs. For example, during the first quarter of 2022, 950,000 customers traded with these assets compared to 627,000 in the 4th quarter of 2021. 

Coinbase Banner  

Related Readings | Cryptocurrencies Won’t Save Russia From Dodging Sanctions, Moody’s Says

The data shows that 491,000 unique customers invested in the NFTs market in the second quarter of 2022. The growing figures reflect a remarkable push in the number of customers resulting in market growth.

In addition, Chainalysis observed the web flow of customers investing in the non-fungible token industry from various geographic locations. They concluded that individuals from all over the world, including North America, Western Europe, and Southern and Central Asia, are very actively attracted to NFTs investments.   

An Analysis Of Non-fungible Token Sales

Recently, The Wall Street Journal broadcasted an editorial with opposite findings claiming that NFT sales are declining. The editorial stated, “the NFT market is collapsing.” However, five of the top NFT collections accounted for more than $1 billion in sales in the same week.

Coinbases’ launch of its in-house NFT marketplace failed to produce significant sales. According to the sales record, the firm only received 150 business offers on Wednesday, with a total transaction volume of only $75,000, even though Coinbase had been marketing the idea for seven months and had received 8.4 million e-mail sales orders.

FreeBitcoin Banner  
Featured Image from Pixabay and the Chart from Tradingview.com

Go to Source
Author: Saeed Hassan


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.