Crypto users spent 963,227 ETH, worth $2.7 billion to mint NFTs on the ETH blockchain in the first half of 2022, according to new market research published by blockchain data firm Nansen. Large amount of minting was on OpenSea.
Nansen said that during this time, 1.088 million exclusive wallet addresses were mined on ETH. About $107 M of NFTs were minted on BNB Chain and $77 M for Avalanche. A total of 263,800 exclusive wallet addresses included in NFT mining on the two blockchains.
Sixty-nine NFT series’ released on May 22, resulting in daily minting exceeding 120,000 ETH. The total number of NFT series’ minted and sold on ETH in the initial half of the year was 28,986. More than two-thirds of NFT projects raised less than 5 ETH, though 140 series’ raised more than 1,000 ETH. In total, the top five NFT series’ on ETH was 8.4% of all mining. These are Pixelmon-Generation 1, Moonbirds, VeeFriends Series 2, Genesis Box and World of Women Galaxy.
Nearly half of the amount raised remained in NFT projects, while the other half was transferred to non-entity wallets. Anyway, Nansen could just track direct transfers from the NFT projects’ addresses to instant transaction addresses. Next transactions to other counterparties were not recorded; so, limiting possible conclusions on how funds used after the NFT drop.
Apart from research, Nansen is famous for index aggregates as well, like as the 500, which track the act of the top 500 NFT series’ on ETH for both the ERC-721 and ERC-1155 token standards. The company secured $12 M in investment from Andreessen Horowitz the previous year.
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