More than $ 37 billion worth of cryptocurrency sent to smart NFT-related contracts in first 4 months: Chainalysis

More than $ 37 billion worth of cryptocurrency sent to smart NFT-related contracts in first 4 months: Chainalysis

The volume of non-substitutable token (NFT) transactions stabilized in 2022 after explosive growth in 2021, according to the latest report from Chainalysis.

According to an analysis of web traffic according to popular NFT trading platforms, Central and South Asia account for about 25% of all traffic sources since May 1 this year, followed by North America and Western Europe.

Data growth was significant in all profiles of the region. However, the sources of traffic from Africa were mostly equal compared to January 4, 2021 to the beginning of May. None of the profiled regions has more than 40% of traffic sources, which indicates that no region has a huge dominance over the NFT ecosystem.

More than $ 37 billion worth of cryptocurrency sent to smart NFT-related contracts in first 4 months: Chainalysis

Source: Chainalysis

Chainalysis data also revealed that small investors perform most of the transactions that take place in the world of NFT.

“The vast majority of NFT transactions are in retail size, which means the value of the cryptocurrency is below $ 10,000. NFT collector transactions (between $ 10,000 and $ 100,000) increased significantly as a share of all transfers between January and September 2021, but have remained at the same level ever since. This suggests that, for now, the addition of new retail NFT investors is keeping pace with the addition of larger NFT investors, ”the report said.

In terms of the amount of value, collectors have already sent over $ 37 billion in cryptocurrency to smart NFT-related contracts in the first four months of 2022 alone, compared to tthe 2021 market, which recorded $ 40 billion worth of $ 40 billion NFT cryptocurrency collectors sent to smart contracts related to NFT collections and markets.

There has been a lot of craze around the NFT world lately, with different blockchain protocols paying special attention to creating support that would enable this new offshoot of blockchain technology. While collections such as Yuga Labs’ Bored Ape Yacht Club (BAYC) and Otherdeeds some of the overpriced NFTs in the area remain, retail investors have been creative in their search for affordable tokens, which has primarily expanded the economy of these unique assets.

Stock markets are also taking advantage of the growing trend and launching NFT trading platforms to take advantage of growing demand. Coinbase Global Inc. recently launched and open its NFT platform a few weeks after the launch of the Beta version for selected candidates on the waiting list.

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