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Ethereum Dominates NFT Market With $8.5 Billion in Revenue in Q1 2022

NFT sales on secondary markets continued to set new ATHs in Q1 2022. And Ethereum is still the dominant name in the NFT market.

The NFT (Non-Fungible Token) market has been continuously conquering new development milestones from last year until now. Most recently, Messari reported that, in the first quarter of 2022 alone, the NFT market reached a new record in trading volume of up to 10 billion USD.

Ethereum announced NFT market with revenue of 8.5 billion USD in Quarter 1, 2022 – Mr. 2
Ethereum Totally Dominates NFT Transaction Volume
In his report titled “NFT Q1’22 Market Rundown”, Messari also pointed out the most prominent blockchain platforms in the NFT field in recent times.

Of the US$10 billion NFT raised on secondary markets, US$8.5 billion (84% of trading volume) went through the Ethereum blockchain. In other words, Ethereum is the largest smart contract platform in the entire NFT market.

It was followed by Solana, with sales reaching $700 million from the NFT market. Among the top 6 blockchains honored in the ranking of platforms with the largest NFT transaction volume in the first quarter of 2022 are also: Ronin, Avalanche, Flow and Polygon.

The above six blockchains have generated 98% of the NFT trading volume on the entire secondary market as measured by Messari.

Ethereum announces NFT market with revenue of 8.5 billion USD in Quarter 1, 2022. Source: Messari
Ethereum announces NFT market with revenue of 8.5 billion USD in Quarter 1, 2022. Source: Messari

Ethereum is often the champion in the races

Ethereum’s dominance in the rankings this time around also doesn’t surprise the community as it has long been the leader in both NFT sales and total locked DeFi value.

Four of the five most expensive NFT collections of all time, namely: CryptoPunks, BAYC, MAYC and Art Blocks are all developed on the Ethereum blockchain.

Besides, Messari also recorded OpenSea as the leading NFT market in Q1 2022. The rest of the markets have almost no significant volatility except ImmutableX.

ImmutableX has reported that they recorded NFT trading volume in the past 60 days reaching nearly 70 million USD. This is quite an impressive number for an emerging NFT market.

The application of NFT becomes widespread in all fields

In addition to the statistical significance, the above Messari report is the best proof that cryptographic collections are reaching new heights in public acceptance.

A strong driving force behind the growth of the NFT market is the increasing number of metaverse patents registered by well-known institutions in other industries.

For example, the US Air Force recently trademarked the future virtual reality project “Spaceverse” by a metaverse patent. In the application, it is explained that one day, the world of encryption will be used for training activities and many other activities of the air force.

A Fortune report also revealed that, even companies in China, a country with many policies restricting cryptocurrencies, have filed metaverse patents for special NFT collectibles.

Specifically, Fortune adds that there are more than 1,000 Chinese tech companies that have filed 10,000 metaverse-related trademark applications by 2021.

While the cryptocurrency market is in the red, the NFT market continuously shows positive signals. Readers, please read other articles on Coinvn to consider and choose the most suitable investment direction in the current volatile period.