$37 Billion Already Sent To NFT Marketplaces This Year, Almost Equal To 2021

Bitcoinist May 8, 2022
Updated 2022/05/08 at 5:39 AM
4 Min Read

NFT investments have shown remarkable growth during the first half of the current year and are almost equal to the total sales volume for 2021. However, the crypto industry is experiencing a rare market condition.

As per reports, non-fungible token collectors have spent worth $37 billion in the industry and claimed that their transactions would be stable in 2022 after an exponential growth of the previous year. Last year, a significant rise occurred during the release of Mutant Ape Yacht Collection in late August.

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NFT Investments Analysis

The report by Chainalysis shows that investors sent a whopping $40 billion worth of cryptocurrency to smart contracts associated with NFT collections and marketplaces throughout 2021.

The non-fungible token trade figures showed a remarkable growth during the initial months of last year, but the overall industrial growth remained inconsistent.

The analysis of the reports depicts unusual NFT trading activity. It appeared to decline till mid-February, and then the market witnessed positive recovery sentiments in mid-April of this year. The market recovery might have followed the metaverse projects developments around Bored Ape Yacht Club and Moonbirds.

Bitcoin is showing a positive recovery of 0.03% and is trading at $35,949 | Source: BTC/USD chart from Tradingview.com

Although the market faced temporary fluctuations, there seems to be no variation in the number of customers investing in NFTs. For example, during the first quarter of 2022, 950,000 customers traded with these assets compared to 627,000 in the 4th quarter of 2021.

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The data shows that 491,000 unique customers invested in the NFTs market in the second quarter of 2022. The growing figures reflect a remarkable push in the number of customers resulting in market growth.

In addition, Chainalysis observed the web flow of customers investing in the non-fungible token industry from various geographic locations. They concluded that individuals from all over the world, including North America, Western Europe, and Southern and Central Asia, are very actively attracted to NFTs investments.

An Analysis Of Non-fungible Token Sales

Recently, The Wall Street Journal broadcasted an editorial with opposite findings claiming that NFT sales are declining. The editorial stated, “the NFT market is collapsing.” However, five of the top NFT collections accounted for more than $1 billion in sales in the same week.

The current data was revealed by Chainalysis soon after a day, Coinbase launched its own NFT service, but it failed to produce significant sales. According to the sales record, the firm only received 150 business offers on Wednesday, with a total transaction volume of only $75,000, even though Coinbase had been marketing the idea for seven months and had received 8.4 million e-mail sales orders.

This article was first published on Bitcoinist.com

Featured Image from Pixabay and the Chart from Tradingview.com

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