New data from a crypto insights company shows that collectors of non-fungible tokens (NFT) have already poured a staggering $37 billion into NFT marketplaces in the first four months of 2022.
According to a new blog post from Chainalysis, collectors are on track to comfortably eclipse the $40 billion that poured into NFT marketplaces last year.
However, the market analysis firm notes that NFT transaction volume growth has been sporadic over the past 12 months.
“NFT transaction growth has come in spurts, with activity largely flat except for two major spikes: one in late August likely driven by the release of the Mutant Ape Yacht Club collection, and one that occurred in late January through early extended February 2022, which was likely fueled by the launch of the LooksRare NFT marketplace.
Following that surge, however, NFT transaction activity declined significantly starting in mid-February, falling from $3.9 billion in the week of February 13 to $964 million in the week of March 13 — the lowest weekly level since of the week of August 1, 2021.”
Chainalysis highlights that NFT transaction volume picked up momentum over the past month, likely due to the release of Bored Ape Yacht Club’s Metaverse project.
Despite fluctuations in transaction volume, the number of NFT market participants is increasing, according to the market analysis firm.
“In the first quarter of 2022, 950,000 unique addresses bought or sold NFTup from 627,000 in Q4 2021. Overall, the number of active NFT buyers and sellers has increased each quarter since Q2 2020.
In the second quarter of 2022, as of May 1, 491,000 addresses have transacted with NFTs, giving the NFT market momentum to continue its quarterly growth trend in the number of participants.”
Source: chain analysis
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