Tuesday, February 27, 2024

Chainalysis Reports Show $37B Sent To NFT Markets In 4 Months

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Chainalysis reports show that $37 billion was sent to NFT markets in the past 4 months and the activities grew steadily even though the rest of the market remained bearish so let’s read more today in the latest cryptocurrency news.

The blockchain analytics company Chainalysis reports show that the NFT activities slowed down in 2022 with the growth starting to pick up again in April and the document also noted that the growing interest derived from the retail investors hasn’t yet overridden the marekt share dominant by the investors. In the wake of the growth in 2021 which culminated in November, the NFT market went on a downturn trajectory along with the broader market from January to March. As it can be seen in the transaction volume, the tradign activities since recovered in mid-April and the collectors sent over $37 billion to the NFT marketplaces as of 202 and only $3 billion less than the total volume as it’s documented for 2021 as per the reports by Chainalysis.

As seen in the transaction volume, the trading activities since recovered in mid-April, and until May 1st, the collectors sent over $37 billion to NFT marketplaces as of 2022 and about $3 billion less than the total volume as documented for 2021 as per Chainalysis. The report noted that the total transaction volume bottomed on the week and soon bounced back with the launch of the BAYC metaverse proejct that attracted strogn capital from the institutional investors:

“Despite these fluctuations in transaction volume, the number of active NFT buyers and sellers continues to grow.”

The NFT Market , grow, Otherside NFT Minting, eth, bored ape,NFT-Backed Loans, cryptopunks, sotheby's,

The NFT growth trend is reflected in the increasign number of active addresses and about 950,000 unique wallets that purchased or sold an NFT in the first quarter from 627,000 in Q4 last year and the new NFT addresses reached 491,000 within the first month of Q2 which shows the number of participants continuing the growth trend. The documents show that the majority of the transactions are below $10,000 worth of digital assets and the number of whale-sized transactions between 10K and 100K stalled in the first quarter. In terms of total transaction value, the transfers made up the majority of the tradign activities.

Whenever the notable NFT projects came on the scene and the number of institutional transfers will spike the report gave an example:

“During the week of October 31, 2021, institutional transfers made up 73% of all activity, largely due to the purchase of several NFTs in the Mutant Ape Yacht Club collection.”

Another key takeaway from the report is that the NFTs continued to capture global audiences with no region making up more than 40% of the traffic volume.

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