Crypto customers spent .7B minting NFTs in first half of 2022: Report

Crypto customers spent $2.7B minting NFTs in first half of 2022: Report

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In keeping with new market analysis revealed by blockchain knowledge agency Nansen, crypto customers spent 963,227 Ether (ETH), price $2.7 billion, minting nonfungible tokens (NFTs) on the Ethereum blockchain within the first half of 2022. An awesome majority of minting befell on OpenSea.io. 

Minting occurred throughout 1.088 million distinctive pockets addresses on Ethereum throughout this era, Nansen mentioned. As compared, about $107 million price of NFTs had been minted on BNB Chain and $77 million for Avalanche. A complete of 263,800 distinctive pockets addresses had been concerned in NFT minting on the 2 blockchains.

Sixty-nine NFT collections launched on Could 22 alone, leading to each day minting quantity surpassing 120,000 ETH. The full variety of NFT collections minted and offered on Ethereum through the first half of the yr was 28,986. Over two-thirds of NFT tasks raised lower than 5 ETH, although 140 collections raised effectively over 1,000 ETH. Cumulatively, the highest 5 NFT collections on Ethereum accounted for 8.4% of total minting. These embrace Pixelmon – Technology 1, Moonbirds, VeeFriends Sequence 2, Genesis Field, and World of Girls Galaxy. 

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About half the quantity raised stayed with NFT tasks, whereas the opposite half circulated to non-entity wallets. Nonetheless, Nansen might solely hint direct transfers from the NFT tasks’ addresses to the fast transaction addresses. Subsequent transactions to different counterparties weren’t captured, thus limiting potential conclusions on how funds had been used after NFT drops.

Other than analysis, Nansen can be recognized for index aggregates, such because the NFT-500, that observe the efficiency of the highest 500 NFT collections on Ethereum for each the ERC-721 and ERC-1155 token requirements. The agency secured $12 million in investments from Andreessen Horowitz final yr.