On Tuesday, blockchain data analytics platform Nansen announced its quarterly report on the state of non-fungible tokens, or NFTs. The report shows the rapid growth of the NFT market relative to the cryptocurrency market in the year and estimates the market at $ 80 million by 2025.
According to a previous Cointelegraph report, Nansen recently announced six heavyweight NFT indices denominated in Ether (ETH): Nansen NFT-500, Nansen Blue Chip-10, Nansen Social-100, Nansen Gaming-50, Nansen Art-20 and Nansen Metaverse-20.
According to NFT Nansen Quarterly Report 2022, the NFT market continues to outperform the cryptocurrency industry for the year, reporting a return of 103.7% when denominated in ETH and 82.1% when denominated in USD. . Despite a slowing global market across most real estate for the most part at the end of February 2022, the last 30 days saw a 5.9% increase in the NFT-500 in March.
Louisa Choe, an analyst at Nansen, said NFTs “have proven to be attractive to retailers in recent years,” especially in the first quarter of 2022, and added that only time will tell which jobs will be in the driving industry as more. and many artists, designers and innovators.
The volatility of each of these functions can vary, and the Nansen report states that Blue Chip NFTs, distributed by the investment industry, are the least volatile. OpenSea bestsellers like Azuki, Clone X, and Doodles are divided into Blue Chips. This may be because they have become well-known in the cryptocurrency community and can be considered long-term investments due to their history of growth and value.
On the other hand, the report sees metaverse and graphical NFTs as the most unchanged part of the NFT market. Nansen categorizes land and building NFTs, avatars and electrical NFTs in the Metaverse segment. Pricing, especially for virtual land in Decentraland or The Sandbox, can be difficult.
When it comes to NFTs art, the concept of value perception, along with the disadvantages of art, also contributes to their weakness. Nansen explains that digital art is the most popular form of digital NFTs and that most participants in the metaverse and art industry like to behave like “speculators”.
Nansen indices also point to a slowdown in overall growth in the game ecosystem. The Gaming-50 index saw the biggest drop in performance last year when compared to other NFT sectors, with Play-to-Earn, or P2E, NFTs, and Role Playing Game, or RPG, NFTs counting. for most of the loss. . Gamers have always refused to accept NFTs and were not afraid to voice their opinions, as in the case of Good Luck Games, Ubisoft or GameStop.
Recently, Nansen posted another announcement about the popular sport of play-to earn (P2E) Axie Infinity (AXS), refers to more than 2.8 million specialized locations that currently have 11.1 million Axies. However, after losing $ 625 million in a hacking incident involving the core blockchain of Axie’s play-to-earn gaming platform Ronin Network, the value of AXS continued to fall.
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