The growth of NFT transactions continued in 2022, which started in 2021: Blog
NFT transaction volume has grown since the beginning of 202, and continued its growth in January, 2022, as per a Chainalysis blog. The blog stated that NFT collectors sent over $37 billion to NFT marketplaces as of May 1, 2022, which beat the total of $40 billion sent in 2021.
Insights from the blog stated that NFT transaction volumes declined in the middle of February, dropping from $3.9 billion the week of February 13 to $964 million the week of March 13. However, the NFT market started to recover in the middle of April and started approaching the weekly volumes hit earlier in the year, due to the launch of Bored Ape Yacht Club’s metaverse project, as per Chainalysis.
In Q1, 2022, the number of unique addresses who bought or sold an NFT went up to 950,000, compared to 627,000 in Q4, 2021. In Q2, 2022, 491,000 addresses have made NFT transactions till date, as of May 1, 2022. The number of active NFT collections on NFT marketplace OpenSea have grown since March, 2021, and currently are above 4,000, as per the blog.
The majority of NFT transactions stayed at a retail size below $10,000 worth of cryptocurrency. The size of NFT transactions, between $10,000 and $100,000, went up between January and September of 2021. During the week of October 31, 2021, institutional transfers made up 73% of all activity, due to the purchase of NFTs in the Mutant Ape Yacht Club collection. With institutional transfers increasing in the next couple of weeks, institutional transfers made up 33% of all activity.
The blog’s data showed that between late November, last year and middle of February, 2022, institutional NFT purchasing reached 1,889 transactions in the week of February 13, following which, it dropped to 473 transactions during the week of February 20.
