In 2021, the NFT market generated $ 26.9 billion in cryptocurrency transactions. A figure that expresses the popularity gained in the last year by Non-fungible tokens, unique digital objects, most of them constructed on the Ethereum blockchain, which store data to which images, video and audio can be associated. CryptoPunks was the most successful collection, recording a transaction volume of $ 3 billion as of last March.
To say it is a report by Chainalysis, a company specializing in blockchain analysis and crypto assets, which also highlights the increase in both average transaction value and total sales between January and October of this year. The authors of the study also explained that the majority of users buy NFT on dedicated marketplaces: among these, the most used is OpenSea, with over 16 billion dollars in cryptocurrency received so far.
Most of the transfers (80%) concern sums not exceeding 10 thousand dollars, a figure that shows how much the NFT market is still dominated by retail investors. However, if we think in terms of amounts, the volumes generated by the transactions of institutional investors (over 100 thousand dollars) and the richest collectors (between 10 and 100 thousand dollars) represent significant shares of the total recorded during the year, equal to 26 and 63% respectively. That is to say that the transactions of the smallest traders make up 11% of the total volume.
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The most popular Nft collections
CryptoPunks is a project created in 2017 and has 10,000 tokenized images on the Ethereum blockchain. Some of these punks have not been offered for sale by the owners, others are available for purchase. This collection generated transactions in excess of $ 3 billion between March and October 2021: as the graph below shows, the movements did not exceed $ 100 million until August, when the curve began to rise, reaching nearly 300. million dollars in September.
Other collections, on the other hand, recorded sudden and substantial increases in the volume of transactions. This is the case with Hashmasks, which reported a transaction value of 380 million dollars in the week of July 4th: during the previous months, the curve never exceeded 95.7 million dollars and the average weekly value of transactions for the entire period analyzed was less than 21 million dollars. A similar trend involved the Mutant Ape Yacht Club collection.
The phenomenon of NFT has now conquered the whole world, even if in some regions it is much more followed: analysis of accesses to the most popular platforms shows that most of the traffic directed to these sites comes from Central and South Asia, North America, Western Europe and Latin America.
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Finally, the study authors noted that NFTs cannot be considered an investment without fail: there are many users who buy these tokens with the aim of reselling them later to make a profit, but the data shows that this operation does not always prove fruitful. Considering the movements generated on the OpenSea platform, only 28.5% of the NFTs bought while they are minted and then sold on the platform generate a profit margin; otherwise, buy Nft on the secondary market from another user and resell it it can lead to a profit 65.1% of the time.
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