Numerical reading of the status quo of the NFT market: blue-chip NFT collections remain strong
Written by: Martin
to report
The Wall Street Journalto report, NFT sales this week fell to about 19,000 per day, a 92% drop from the peak of about 225,000 in September last year, and it was concluded that the NFT market is collapsing. But the Wall Street Journal was wrong, and I will use Nansen to briefly analyze the current status of the NFT market.
Many of the diagrams used here are provided by Nansen for free, all you need to do is sign up for a Nansen Lite account and start exploring!
1/ Volume is higher than almost any week in 2021
While the weekly trading volume didn't reach an all-time high, it was still going strong. If 2021 is the year NFTs take over the world, with weekly transactions now almost higher than in 2021, 2021 looks like just the beginning.
2/ Weekly user and transaction volume data are telling a similar story
Weekly user counts are higher than any week in 2021, and weekly trading volumes, while not as strong, are still in good shape and a far cry from a crashing market.
3/ The number of active projects is on a steady upward trend
The number of projects selling more than 10 NFTs per week has shown strong growth, from about 1,800 at the beginning of the year to more than 2,400 currently.
4/ NFT-500 index showing good recovery from March low
The growth of various NFTs is not equal, social NFTs (@BoredApeYC, @AzukiOfficial, @RTFKT, etc.) are in the lead, while other categories, such as Metaverse NFTs, have not rebounded.
5/ Overall, the NFT market seems to have entered a period of rest. Blue-chip NFT collections remain strong, but some collections with a longer hype cycle (such as Metaverse NFT) have experienced a certain degree of coldness.
6/ Some newly launched NFT collections still occupy the headlines and gain huge attention recently, such as @OthersideMeta, @RagnarokMeta, @moonbirds, etc.
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