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

189
SHARES
1.5k
VIEWS

Collectors of non-fungible tokens (NFTs) have already shipped more than $37 billion in value to the NFT Marketplace this year (as of May 1), which is almost more than the 2021 total.

According to a report by Chainalysis, investors sent $40 billion worth of cryptocurrency into NFT collections and market-linked smart contracts throughout 2021.

READ ALSO

Source: Chainalysis

NFT trading volume has increased significantly since the beginning of last year, but the overall development of the industry has been inconsistent.

The report noted that NFT trading volume is sporadically, and has been bearish since mid-February. The NFT market has made a brief recovery as of mid-April – most likely due to the recent hype surrounding Moonbirds and Bored Ape Yacht Club’s Metaverse project, Otherside.

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

As of 1 May 2022, 491,000 unique addresses have transacted with the NFT, keeping the market on track to continue its upward trend in the number of participants.

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

Source: Chainalysis

related: NFT sector expected to move around $800 billion in 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 flat. The article noted that “the NFT market is falling,” nevertheless, in the same week alone the top five NFT collections were responsible for more than $1 billion in primary and secondary sales.

Chainalysis’s report also comes a day after Coinbases failed to generate any major interest following the launch of its in-house NFT marketplace. On-chain data shows that there were only 150 transactions on May 4 – the first day of trading – through the platform in amounts of just $75,000.