NFT collectors sent $37B to marketplaces in 2022, nearly equaling 2021 already


Collectors of non-fungible tokens (NFTs) have already sent more than $37 billion in value to NFT marketplaces this year (as of May 1), a figure that nearly exceeds the total amount in all of 2021. 

According to a report from Chainalysis, investors sent $40 billion worth of cryptocurrency to smart contracts associated with NFT collections and marketplaces throughout 2021.

How To Get Free Crypto  

Source: Chainalysis

Since the beginning of last year, NFT transaction volume has grown considerably, but the overall growth of the industry has been inconsistent.

The report outlines that NFT transaction volume occurs sporadically, and has been in a downturn since mid-February. The NFT market has since made a brief recovery as of mid-April — most likely due to the recent hype around Moonbirds and the Bored Ape Yacht Club’s metaverse project, Otherside.

Despite the short-term fluctuations in NFT transaction volume, the number of people around the world buying and selling NFTs remains strong, with 950,000 unique addresses buying or selling NFTs in Q1 2022.

As of May 1, Q2 2022 491,000 unique addresses have transacted with NFTs, putting the market on track to continue its growth trend in the number of participants.

Coinbase Banner  

By analyzing the web traffic of the major NFT marketplaces, Chainalysis determined that NFTs attract users from all corners of the globe, with Central and Southern Asia leading the charge, followed closely by North America and Western Europe.

Source: Chainalysis

Related: The NFT sector is projected to move around $800 billion over next 2 years: Report

The report contradicts the conclusion of a recent article published by the Wall Street Journal, which claimed that NFT sales were flatlining. The article stated that “The NFT market is collapsing,” yet, in the same week the top five NFT collections alone accounted for more than $1 billion in primary and secondary sales.

Chainalysis’ report also comes the day after Coinbases’ launch of its in-house NFT marketplace failed to generate any major interest. On-chain data showed that a mere 150 transactions occurred on May 4 — the first day of trading — with just $75,000 in volume moving through the platform.

Go to Source
Author: Tom Mitchelhill

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.

FreeBitcoin Banner  

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.