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NFT market still strong: crypto users spent $2.7B minting NFTs in first half of 2022

Over 1 million unique wallet addresses were involved in the minting process, spending an aggregate value of $2.7 billion in the first six months of 2022

NFT

NFT market still strong: crypto users spent $2.7B minting NFTs in first half of 2022. Source: depostiphotos.com

The new market research from blockchain data firm Nansen revealed that users spent 963,227 Ether (ETH), worth $2.7 billion, minting nonfungible tokens (NFTs) on the Ethereum blockchain in the first half of 2022. Most minting took place on the OpenSea platform. 

Besides that, about $107 million worth of NFTs were minted on BNB Chain and $77 million on Avalanche. A total of 263,800 unique wallet addresses were involved in NFT minting on these two blockchains.

Per Nansen estimates, the total number of NFT collections minted and sold on Ethereum during the first half of the year was 28,986. Over two-thirds of the NFT projects raised less than 5 ETH. However, 140 collections raised well over 1,000 ETH. Therefore, the top five NFT collections on Ethereum accounted for 8.4% of overall minting value. The most expensive projects include Pixelmon-Generation 1, Moonbirds, VeeFriends Series 2, Genesis Box and World of Women Galaxy. 

Over a half of the ETH raised stayed with the NFT projects (50.7%), while 45.7% circulated to non-entity wallets. The volume of raised funds transferred to non-entity wallets has decreased from the previously reported 52.3% (11 months ago). Top non-entity wallets included ETH millionaires, wallets that have used EIP 1559, NFT collectors, Heavy DEX Trader and a few private wallets.

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Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.