In the first half of 2022, market participants spent 963,227 ETH (approximately US$2.7 billion) to issue non-fungible tokens (NFTs) on the Ethereum blockchain, with 50.7% of the crypto raised remaining in NFT projects and the rest in blocks. Non-entity wallets, according to a report by Chain Data and Analytics Platform Nansen.
At the same time, the amount of ETH raised circulating in non-entity wallets decreased from 52.3% reported 11 months ago to 45.7%.
Cumulatively, the top five NFT collections that raised ETH through minting accumulated 81,364 ETH, according to Nansen. This was an estimated 10.3% of total ETH raised by all projects during the period analyzed.
According to Nansen, the average number of mints per wallet increased slightly over this period, to 3.65 mints per wallet, as the number of unique wallets participating in the activity increased. This is up from his previously reported average of 3.16 mints.
“A total of 28,986 NFT collections were deployed during the study period. In total, these projects raised a total of 833,641 ETH. Interestingly, just over half of these collections were free Mint projects. ” was 51.6%.
According to Nansen, the median amount raised by the project was ETH 1.43 and the average was ETH 59.4.
“We maintain our conclusion that the mining sector of the NFT market remains healthy, with the average number of mints per unique wallet address increasing.” Nansen Research Analyst Louisa Choe said in a statement:
“The on-chain evidence that NFT Collection is reinvesting primary sales revenue into NFTs is a strong indication that builders and creators within this marketplace are determined to see the long-term impact of their projects and support their growth,” said Choe. This indicates that the
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