Over $2.7 Billion Was Spent on NFT Minting in the First Half of 2022, Says Reports

Vignesh Karunanidhi
Over $2.7 Billion Was Spent on NFT Minting in the First Half of 2022, Says Reports
Source: Sunvera Software

Nansen, a blockchain data platform, released a market research report that reveals interesting figures about the NFT market. The report reveals that over 963,227 ether worth over $2.7 billion has been spent on NFT minting just in the first six months of 2022. Amongst the most popular marketplaces where the minting took place, OpenSea ranks first.

The report analyzed the period starting from January 1 to June 30, 2022. Out of the 963,227 ETH raised by minting, 50.7% was vested in the NFT projects, whereas 45.7% was moved to non-entity wallets.

According to the report, almost 1,088,888 wallets were linked to the minting process. It was also noted that the number rose to 1.5 million wallets when there was free minting involved.

28,986 NFTs were deployed on Ethereum during the period

In total, 28,986 NFT collections were deployed on Ethereum during the time period under study. Collectively, these activities raised 963,227 ETH. Free mint projects made up quite a bit more than 50% of these collections. Almost two-thirds of the projects that successfully funded ETH through their mint did so with volumes below 5 ETH.

There has also been a rise in the participation of unique wallets where there has been an increase in average mints per wallet, according to the report.

In terms of the funds raised by minting, 52.3% of funds moved to non-entity wallets, 0.2% moved to decentralized exchanges, 3.6% moved to central exchanges, and 17.7% were poured back into other NFT projects.

The non-entity wallets include the wallets of ETH millionaires, NFT collectors, and private wallets. But the transactions traced by Nansen were primarily direct transfers from NFT project addresses. Other subsequent transactions to other parties were not traced by Nansen. The report also concluded that there has been a healthy rise in average mints per wallet.