$2.7 Billion Was Spent To Mint NFT In The First Half Of 2022

Over 1 million unique wallet addresses participated in the minting process, signaling that NFT market activity remains strong.

According to new market research published by blockchain data firm Nansen, crypto users spent 963,227 Ether (ETH), worth $2.7 billion, minting non-fungible tokens (NFTs) on the blockchain. Ethereum in the first half of 2022. Most of the minting takes place on OpenSea.io.

Nansen said minting occurred on 1,088 million unique wallet addresses on Ethereum during this time. Meanwhile, about $107 million NFT has been minted on BNB Chain and $77 million on Avalanche. 263,800 unique wallet addresses participated in minting on the two blockchains.

Sixty-nine NFT collections launched on May 22 alone, resulting in daily mining volumes surpassing 120,000 ETH. The total number of collections minted and sold on Ethereum in the year’s first half was 28,986.

Over two-thirds of projects raised less than 5 ETH, although 140 collections raised more than 1,000 ETH. The top five NFT collections on Ethereum account for 8.4% of all mining. These include Pixelmon-Generation 1, Moonbirds, VeeFriends Series 2, Genesis Box, and World of Women Galaxy.

About half of the funds raised stay with NFT projects, while the other half goes to non-entity wallets. However, Nansen can only track direct transfers from the address of projects to the transaction address immediately. Subsequent transactions for other counterparties are not recorded, thus limiting possible conclusions about how funds are used after the NFT falls.

In addition to research, Nansen is also known for index aggregators, such as the NFT-500, which tracks the performance of the top 500 collections on Ethereum for the ERC-721 and ERC-1155 token standards. The company secured $12 million in investment from Andreessen Horowitz last year.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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