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Despite the prophecies of doom - the NFT market continues to grow rapidly, almost catching up in 2021

 


Non-Fungible Token (NFT) collectors have already moved more than $37 billion in value across NFT marketplaces this year (as of Sunday last week), almost catching up to the whole of 2021.


According to data from crypto market researchers Chainalysis, crypto investors transferred $40 billion last year via smart contracts belonging to NFT collections and marketplaces. Less than half a year later, this sum was already made up in 2022.



Which: Chainalysis

This shows the rapid growth of the NFT market, which has increased significantly since the beginning of 2021 (see above). Overall, however, this growth is very erratic.


The market researchers point out that the NFT transaction volume makes very sporadic jumps and has actually been on a downward trend again since mid-February. The NFT market has been on the up again since mid-April, which is probably primarily due to the current hype surrounding the two projects Moonbirds and Otherside .


Despite the significant fluctuations in terms of NFT transaction volume, the number of NFT investors remains strong, with nearly 950,000 unique addresses buying or selling NFTs in Q1 2022.


As of Q2 2022, that number currently stands at 491,000 unique addresses that have already traded NFTs, clearly continuing this upward trend in participation.


By analyzing the traffic of the major NFT marketplaces, Chainalysis concludes that NFTs attract investors from all over the world, with Central Asia and Southeast Asia taking the lead, followed closely by North America and Western Europe.

This data is in stark contrast to a recent Wall Street Journal article that claimed the NFT market was flat. The report went as far as saying that the "NFT market is collapsing" even though the five largest NFT collections alone generated more than $1 billion from sales in the primary and secondary markets in the same week.


Also, the Chanalysis report comes days after major crypto exchange Coinbase launched its NFT marketplace, which has so far attracted little interest. According to on-chain data, just under 150 transactions for a volume of $75,000 were completed on the platform by mid-week.

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