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One in three NFTs reportedly end up with little to no trading activity
According to blockchain analytics firm Nansen, the number of these minting NFTs rose from about 500 to 1.2 million last year. Demographic data from NFT minters suggests a gradual increase in retail participants From Cool Cats to Jack Dorsey's tweet, NFTs generated $25 billion in sales last year as the industry grew in popularity. However, according to a report released today by blockchain analytics firm Nansen, one in three NFTs end up as a “dead collection” with little to no trading activity. The conclusions are based on observations of blockchain-based collectibles with either fewer than 10 sales transactions in the last 30 days or...
One in three NFTs reportedly end up with little to no trading activity
- Laut dem Blockchain-Analyseunternehmen Nansen stieg die Zahl dieser prägenden NFTs im vergangenen Jahr von etwa 500 auf 1,2 Millionen
- Demografische Daten von NFT-Minters deuten auf einen allmählichen Anstieg der Einzelhandelsteilnehmer hin
From Cool Cats to Jack Dorsey's tweet, NFTs generated $25 billion in sales last year as the industry grew in popularity. However, according to a report released today by blockchain analytics firm Nansen, one in three NFTs end up as a “dead collection” with little to no trading activity.
The conclusions are based on observations of blockchain-based collectibles with either fewer than 10 sales transactions in the last 30 days or those that are no longer listed on a marketplace.
While some market participants buy and sell digital artworks, others choose to mint them.
For the uninitiated, minting is the process of putting an item on-chain – turning it into a non-fungible token (NFT). Participants typically mint NFTs via Ethereum, Polygon or Solana by paying fees for them.
The number of these formative NFTs increased from around 500 to 1.2 million last year – representing a 2,000-fold growth in the market.
One in three NFTs minted also has a higher exchange price than the initial cost of minting. NFT minters’ profiles also show a gradual increase in retail or “non-whale” minters.
“The data shows a trend towards more affordable projects exceeding the initial minting price,” Paul Harwood, product manager at Nansen, told Blockworks.
“This suggests that the NFT market is maturing, with the best-performing projects able to better connect with the communities and markets that underpin them.”
Since the beginning of the year, the amount of Ether spent on minting has gradually declined - which could indicate a slight correction in the NFT market.
“As with all instruments in the market, I believe NFTs will experience a correction,” Kevin Kang, founding director of crypto hedge fund BKCoin Capital, previously told Blockworks.
“NFTs will not be immune to risk aversion in the market, as mainstream art collectors tend to view NFTs as a riskier investment.”
OpenSea's transaction and trading activity fell by 67.2% 23.31% each in the past month, according to the blockchain data dashboard DappRadar.
Stephen Young, founder of marketplace NFTfi, told Blockworks that “money grab projects” in NFTs will die, but despite bearish signals, the broader blockchain-based collectibles market will not.
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The post One in Three NFTs Ends with Little to No Trading Activity, Reports Says, is not financial advice.