Collectors of non-fungible tokens (NFTs) have already shipped more than $ 37 billion in value to the NFT industry this year through Sunday, a value that will almost certainly exceed the total value for 2021.
According to a report by Chainalysis, investors are sending $ 40 billion worth of cryptocurrencies into smart contracts related to NFT collection and trading throughout 2021.
Since the beginning of last year, the NFT packaging industry has increased significantly, but overall industry growth has been uneven.
The report shows that the volume of NFT fluctuations has been temporary and has been declining since mid-February. The NFT business has since held a brief discussion in mid-April – probably due to recent hype surrounding Moonbirds and Bored Ape Yacht Club’s metaverse project Otherside.
Despite the short period of change in the NFT packaging industry, the number of people worldwide buying and selling NFTs remains strong, with 950,000 specialized locations buying or selling NFTs in Q1 2022.
As of Sunday, Q2 2022, 491,000 specialty locations had been exchanged with NFTs, giving the industry the opportunity to continue its growth of participants.
By reviewing websites from major NFT industries, Chainalysis has determined that NFTs attract users from all over the world, with Central and South Asia leading the way, following North America and Western Europe.
A report protesting the conclusion of a recent article published by the Wall Street Journal, which claimed that NFT sales had fallen. The report said “the NFT market is declining,” but the same week, the top five NFTs accounted for more than $ 1 billion in primary and secondary sales.
Chainalysis ‘report also comes days after Coinbases’ launch of its internal NFT business did not raise much interest. On-chain data shows that only 150 exchanges appeared on Wednesday (04/05) – the first day of trading – with only $ 75,000 in volume moving across the platform.
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