Crypto Users Spent $2.7 Billion Mining NFTs in H1 2022: Report

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According to new market research published by blockchain data firm Nansen, in the first half of 2022, crypto users spent 963,227 Ether (ETH), worth $2.7 billion, storing non-replaceable tokens (NFTs) on the Ethereum blockchain. . An overwhelming majority of the hitting took place on OpenSea.io.

During this period, mining took place on 1,088 million unique wallet addresses on Ethereum, Nansen said. In comparison, about $107 million worth of NFTs were minted on BNB Chain and $77 million for Avalanche. A total of 263,800 unique wallet addresses were involved in NFT mining on the two blockchains.

69 NFT collections were launched on May 22 alone, resulting in a daily coin volume of over 120,000 ETH. The total number of NFT collections minted and sold on Ethereum in the first half of the year was 28,986. More than two-thirds of NFT projects yielded less than 5 ETH, although 140 collections yielded more than 1,000 ETH. Cumulatively, the top five NFT collections on Ethereum accounted for 8.4% of the total coin count. These include Pixelmon-Generation 1, Moonbirds, VeeFriends Series 2, Genesis Box, and World of Women Galaxy.

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About half of the amount raised stayed with NFT projects, while the other half circulated to non-entity portfolios. However, Nansen was only able to trace direct transfers from the addresses of the NFT projects to the direct transaction addresses. Subsequent trades with other counterparties were not recorded, limiting possible conclusions about how funds were used after NFT falls.

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In addition to research, Nansen is also known for index aggregates, such as the NFT-500, which track the performance of the top 500 NFT collections on Ethereum for both the ERC-721 and ERC-1155 token standards. The company secured $12 million in investment from Andreessen Horowitz last year.