Cryptocurrency market decline does not affect NFTs that continue to ‘rock’, key research

A study conducted by Chainalysis and affiliated with the Cointelegraph, shows investments in NFTs continue to ‘bomb’ in the cryptocurrency industry. According to data, last year, The makers have shipped more than $ 40 billion worth of cryptocurrencies to smart contracts related to NFT printing and marketing.

This year, however, another $ 30 billion worth of cryptocurrency was delivered to NFT-related smart contracts on April 15. In addition, the study indicates that the number of NFT devices has increased almost weekly since March 2021 and is currently above 4,000.

The study also showed that the majority of NFT industry is retail, That means less than $ 10,000 worth of cryptocurrencies in any industry.

Meanwhile, in-house exchanges accounted for 33% of all work since the week of October 31, 2021, when it rose to 73%, due to the purchase of several NFTs by the Mutant Ape Yacht Club collection.

Chainalysis points out that although North America and Western Europe were the first to adopt NFTs en masse, According to the website, there is currently no control area for this market, as each has less than 40% share of global traffic.

NFT market continues to grow

Another study by TradingPedia showed that the NFT market saw a large increase in active traders (77% MoM) and volume traders (439% MoM) in January and stabilized in Q2 2022.

According to research, NFT traders grew by 50% quarter, market data volume despite a history of decline in the cryptocurrency market. Analysis of blockchain data by analysts at TradingPedia shows that the recent decline in the cryptocurrency industry does not affect the reputation and marketability of NFT.

In order to achieve this decision, the company conducted a survey of Dune Analytics to list the entire NFT industry, and then, to add special customers and vendors, provided Divided into quarters by quarter, the last few months saw growth of QoQ traders between 54.% and 50%, respectively.

“As we look at the latest data for Q2 2022 now, we see that it started with an increase in NFT market share in April, an average of 58K a day. This is 12% higher than the average of 52K in March 2022. In the first 10 days of May, we saw a return to the March average despite the cryptocurrency market continued to decline. low, ”the company said.

Also according to Tradingpedia, in January 2022, the average daily trading volume of NFT increased by 439% MoM, while the average daily trading volume increased by 77% MoM.

“At first glance, this does not lead to a better understanding with the crypto industry to the south at a rapid pace. This, however, is a must.” With the market declining or declining, many crypto traders have tried other ways to gain momentum. ” back they have been used in the bull market, ”said the company’s research.

In addition, Brian McColl, an analyst at TradingPedia, pointed out that the value of non-fungible tokens is high on most cryptocurrency offerings. When the market is down, this lowers the dollar and attracts new customers to buy their first NFT.

To show the growth and stability of NFT market in 2022, the company combined two sets of data at the same time: the number of specialized customers (customers and sales) per day and volume changed that day in USD.

“It has become clear that 2022 opens a new page for NFT with data packaging and record traders active in January. Volumes fluctuate wildly, but this can be attributed to NFT print specific The release seems promising, despite the current slump in the cryptocurrency market. “added Brian McCol.

Where are the NFT traders

In another study, BrokerChooser, conducted NFT-related research in more than 400 major cities around the world to highlight cities sought by NFT authors. Research has shown that New York City is by far the most popular NFT city, receiving more research than any other city in combined research.

At the end of the scale, Detroit, USA, is one of the least sought after cities by NFT investors, by 50 locations. Ahead of it was Huston, also in the US and Melbourne in Australia, both with 100 studies.

“NFTs have provided a way to get a good return on investment, for example the Board Yacht Ape Club, minted at $ 189 and now selling for as much as $ 2.9 million. , a major problem in the NFT landscape now is waning demand and interest after hype cooling off when products are still high.But this could be a discrepancy in the new industry and improve, “said Tamás Müller, expert at BrokerChooser.

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