Nansen: Market Participants Spent $2.7 Billion on NFT Minting in H1 2022

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Participants in the NFT market spent 963,227 ETH during the first half of 2022 minting non-fungible tokens on the Ethereum blockchain. This is approximately $2.7 billion.

Analytical company Nansen publishedreport on funds received from NFT minting. In January-June, more than 1.5 million unique wallets minted tokens from January 1 to June 30, 2022, accounting for a weekly share of 13.7% of total NFT transactions.

According to company experts, in just the first half of 2022, 28,986 NFT collections were issued on Ethereum, more than half of which (14 961) were free projects.

Analyzing the structure of financial flows,movement of funds and distribution of collections, Nansen analysts concluded that two-thirds of all NFT projects were able to attract no more than 5 ETH, while only 140 NFT collections were able to exceed the sales level of 1000 ETH.

Approximately 45.7% of the ether proceeds from initial sales went to the wallets of individuals. About 3.5% of ETH was sent to the wallets of service providers, business angels or charities. Approximately 0.2% was placed on centralized exchanges, the rest of the funds were reinvested in NFT projects. 

In addition, a study by Nansen analysts revealed an upward trend in the flow of money into the wallets of institutional participants in NFT projects relative to the results of 2021.

At the beginning of August, experts from the analytical service CryptoSlam reported a drop in buyer activity and sales volumes in the NFT market. According to them,
July sales of non-fungible tokens on secondary markets, compared to
June, fell by 25%, to $650 million. The decline in sales was recorded for the second month
in a row, and the total trading volume now does not exceed $1 billion.