The NFT market is growing exponentially

Demand for the NFT has been significant since early 2021, and third-quarter statistics show that major indices have continued to rise.

Researchers from the portal Nonfungible.com released a Q3 NFT market report and the data shows that most indices are rising. For example, the number of active wallets increased 102.52% from 203,719 in the second quarter to 412,578 in the third quarter, the number of wallets that interacted with the NFT smart contract, and the number of merchants grew faster than the number of Buyers.

The number of NFT buyers rose 166.73% from 97,658 in the second quarter to 260,489 in the third quarter. Salespeople rose from 40,056 to 122,910, an increase of 206.84%. The amount of money used to purchase NFT was $ 782 million in the second quarter, but that number grew to $ 5.9 billion in the third quarter.

“During the time the dollar was trading at an all-time high (ATH) in late August, we saw another ATH in active wallets. The weekly volume rose from nearly $ 91 million to $ 1.674 billion in two months, ”the report said.

“After that high, we’ve found that the weekly volume has stabilized almost three times what it was before, around $ 300 million a week.”

In terms of loyalty, customers like the NFT metaverse are the most loyal. The collections with the most sales accounted for 76% of sales, while 9% of sales were focused on NFT art. Sports were the lowest-selling, with only 1% of sales in the third quarter.

“The NFT market is growing exponentially”

The largest NFT collector projects include Cryptopunks and Bored Ape Yacht Club (BAYC). Regarding collectibles, “primary market share has more than doubled to 75% of the total collectibles market,” the researchers found.

“This extremely high quota reflects the relative saturation of the segment: too many assets are issued with too few resales or at a lower price.”

The researchers concluded that the market is growing “exponentially” at a rapid rate. Unparalleled liquidity, but also “a speculative and volatile market like never before”.

“The recent growth in the NFT industry is incredible, in just a few months NFT trade passed the billion dollar mark, followed by billions of dollars per quarter, and then billions of dollars per month.”

“If we believe the current numbers, the market is in a dynamic and unstoppable bull phase with no shadows lurking. However, the reality is a little different and we want to make it clear that metrics like dollar volume or number of trades are not the best metrics for tracking the market as they only reveal part of the market.

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