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

Based on new market analysis printed by blockchain knowledge agency Nansen, crypto customers spent 963,227 Ether (ETH), value $2.7 billion, minting nonfungible tokens (NFTs) on the Ethereum blockchain within the first half of 2022. An awesome majority of minting happened on OpenSea.io. 

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

1/ Market individuals spent 963,227 $ETH (roughly $2.7b) on minting NFTs within the first half of 2022.

So what did the NFT initiatives do with the cash they raised?

Learn our newest analysis right here: https://t.co/ifgKdTnF9S

— Nansen (@nansen_ai) August 2, 2022

Sixty-nine NFT collections launched on Might 22 alone, leading to every day minting quantity surpassing 120,000 ETH. The whole variety of NFT collections minted and bought on Ethereum throughout the first half of the 12 months was 28,986. Over two-thirds of the NFT initiatives raised lower than 5 ETH, though 140 collections raised effectively over 1,000 ETH. Cumulatively, the highest 5 NFT collections on Ethereum accounted for 8.4% of total minting. These embody Pixelmon-Era 1, Moonbirds, VeeFriends Collection 2, Genesis Field and World of Ladies Galaxy. 

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

Other than analysis, Nansen can be identified 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 12 months.