NFT Purchases Are Soaring!

Despite the current slump in the crypto market, NFT volumes appear to be prospering, according to data. The present boom is being driven by a mix of old and new companies.

While most major cryptocurrencies have remained inside a narrow trading range for the majority of 2022, NFT volumes and holdings have surged, even eclipsing the previous year’s increase.

For the most part of the year, the whole crypto market capitalization has remained between $1.6 trillion and $2.2 trillion, with majors like as Bitcoin and Ethereum consolidating around $40,000 and $3000, respectively.

Data from blockchain analytics firm Into The Block, on the other hand, shows that NFT trading volumes increased dramatically this year, more than tripling from the start of the year to $56 billion.

The increase in NFT volumes is followed by an increase in the number of NFT collections, which considerably outnumber gains seen even in 2021. NFTs are now present at a record number of over 3.5 million addresses.

The majority of the recent surge can be attributed to revived interest in long-standing mainstays like the Bored Apes collection. The anticipated debut of a metaverse caused the collection’s floor price to skyrocket this week. Price increases were also seen in Mutant Apes and Kennel Club spinoffs.

However, flamboyant new arrivals appear to have captivated the market as well. The Moonbirds collection, which debuted earlier this month, has frequently topped sales statistics in the week following its release.

The increase in NFT volumes is followed by an increase in the number of NFT collections, which considerably outnumber gains seen even in 2021. NFTs are now present at a record number of over 3.5 million addresses.

The majority of the recent surge can be attributed to revived interest in long-standing mainstays like the Bored Apes collection. The anticipated debut of a metaverse caused the collection’s floor price to skyrocket this week. Price increases were also seen in Mutant Apes and Kennel Club spinoffs.

However, flamboyant new arrivals appear to have captivated the market as well. The Moonbirds collection, which debuted earlier this month, has frequently topped sales statistics in the week following its release.

According to NFT Go data, despite a disastrous debut, the Akutars initiative beat volumes in the previous 24 hours.

Based on the facts, one can conclude that the NFT boom in 2021 shows no indications of abating. A big aspect in this is that the medium is likely to be far more accessible than cryptocurrency and is subject to less governmental scrutiny.

Countries that have banned cryptocurrency, such as China, yet allow some commerce in NFTs. Their connection to sports and pop culture has also made them appealing to individuals who are not typically interested in cryptocurrency.

Web3 and non-web3 enterprises are still making inroads into the market. Coinbase just debuted its much-anticipated NFT marketplace, while Japanese social media company Line debuted its own initiative.

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