NFT Trading Volume Has Increased More Than 200% This Year, Surpassing $50 Billion

NFT Trading Volume Has Increased More Than 200% This Year, Surpassing $50 Billion

According to statistics gathered on April 18 from the cryptocurrency market analytics platform IntoTheBlock, the total volume traded in NFTs recently surpassed 18 million ETH or $54 billion.

According to IntoTheBlock’s year-to-date data, worldwide NFT trading volume climbed from $16.94 billion on January 1, 2022, to $54.58 billion on April 17, a 222.2% rise since the year began.

On April 13, the platform posted another chart, which revealed that the NFT adoption curve was “just starting,” with just 4.5% of ETH addresses having a balance being NFT holders.

According to IntoTheBlock statistics, this proportion has been steadily increasing over time, and on April 17 it was at 4.64%.

Marie Tatibouet, Gate.io’s chief marketing officer (CMO), discussed the future of NFTs and the expansion of the cryptocurrency sector in general with David Lin, anchor of Kitco News at the Paris Blockchain Summit.

Moreover, Tatibouet stressed the increase of NFT collections, especially given the fact that a huge number of new users are now entering the crypto field through NFTs rather than the leading crypto Bitcoin.

“A lot of the new users to crypto are actually being onboarded with NFTs for the first time not with Bitcoin or Ethereum and what we are seeing now is like the KYC is not really an obstacle anymore.”

The Gate.io CMO agreed with Kevin O’Leary, a renowned investor on Shark Tank, who stated that he expects NFTs would outperform Bitcoin in terms of market value.

“Absolutely. I think 100% because the NFT market can be so many different things and I really do think for example all of the art pieces will have NFTs or fractionalized NFTs as well associated with them every single piece of art for short not now but 10 years from now I’m almost certain.”

“Just like the dotcom.com bubble,” Tatibouet feels that there has been a lot of hype around NFTs and that everything would finally come crashing down.

“Right now NFTs are mostly collectibles but we are evolving towards having more use cases and once these use cases are more tangible might i say i think we’ll see a new explosion of NFT,” she added.

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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