NFT – A market that is already on the verge of surpassing the sales record in 2021

The NFTs market has a development that can be described as very personal. But it simply corresponds to the special character of this new sector, which emerged as such over the last year. All primarily driven by the release of new successive and sometimes (very) popular collections. And a “fluctuating” growth curve that allows its opponents to cry speculative bubble … or repeated scams. But in the end, and with the little flashbacks available, a regular and increasingly important adoption. With a total amount spent by its collectors (already) approaching what was recorded over the whole of last year.

The NFT market divides the ranks of crypto investors. But that does not prevent it from establishing itself as an independent sector in this ecosystem. With an ever-increasing adoption, driven by collectors and investors, who are often located outside of this digital world. And an observation, perhaps in the wake of the mistrust it triggers: would it not ultimately be one of the main gates to this long-awaited adoption?

And like any new digital experience, the NFT market suffers from its explosive and high-profile success. With the spread of fraud and other fraudulent operations organized against a large proportion of its collectors. But that obviously does not stop them from continuing the adventure, with a spent amount not knowing the crisis. And this even though the recorded growth is not very linear, like almost everything related to the cryptocurrency sector.

NFT A market with fluctuating dynamics

The general impression and the a priori stubbornness is one thing, but numbers are another. And that’s what the Chainalysis structure regularly offers in the cryptocurrency and blockchain technology sector. With a recent study on the NFT tokens market. And more specifically about the “transaction activity” recorded since the beginning of this year. Especially after the real explosion that hit its development in 2021 with billions of dollars. And a simple observation in the introduction to this analysis: ” Non-fungible tokens (NFTs) have been one of the fastest growing and most important parts of Web3 over the past two years. »

Because in a little over a crazy year, this NFT market has grown from a few tens of thousands of millions of dollars to several billions. But with a developmental curve that Chainalysis presents as “fluctuating from month to month.” The latter split between regular peaks at the onset of new ATHs and painful declines as of February last year. For possible reasons, the successive launches of new popular collections are often carried by movements from the FOMO version whitelist. And the ambition to do just as well as the now iconic Bored Ape Yacht Club (BAYC).

NFT tokens

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NFT Already spent $ 37 billion

For despite this seemingly incoherent development curve, the results are there. With the total amount spent by NFT collectors estimated at $ 40 billion in 2021. And transaction volume on the main platforms in the sector, the increase of which has continued to be confirmed since the beginning of the year. This even though we reject all or part of the systemic laundry trade triggered by the very (too) incentive model introduced by the LooksRare (LOOKS) marketplace since January.

In fact, according to data collected by Chainalysis, 2022 this year may already be the case for all records. With a total amount sent by collectors per. May 1, which already shows a total of $ 37 billion. That is, almost as much as the entire last year in just 4 months. And this in favor of 950,000 unique addresses buying or selling NFTs in the first quarter, compared to 627,000 in the fourth quarter of 2021.

Overall, the number of active buyers and sellers of NFT has increased every quarter since March 2020. In the 2nd quarter of 2022 (as of May 1), 491,000 addresses completed NFT transactions. A good pace to continue this trend with quarterly growth in the number of participants. »

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NFT A global market

Finally, the conclusions of the Chainalysis structure make it possible to confirm this The NFT market is international. Leading in this dynamic are the areas in Central and South Asia, which account for 25% of the registered web traffic for dedicated platforms. The other two places on the podium go to North America and Western Europe, respectively.

To know it the vast majority of transactions made in relation to the NFT market relate to “retail purchases”. » That is, for amounts less than $ 10,000. With at the same time a remarkable stabilization in the number of “collector” transactions (between $ 10,000 and $ 100,000) since the beginning of the year. Which suggests, according to Chainalysis, “that the addition of new retail NFT investors is currently keeping pace with the addition of major NFT investors.”

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No matter what, the activity and volumes recorded by the NFT market remain clearly dominated by a very limited number of collections. With over $ 1 billion in sales for Otherdeed ($ 785.4 million), Bored Ape Yacht Club ($ 155.8 million) and Mutant Ape Yacht Club ($ 127.4 million) in the last 7 days alone. Which means more than 60% of the $ 1.74 billion generated by this market in the same period (data: CryptoSlam). And a full box for the Yuga Labs structure behind these three projects.

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