During the first half of 2022, market participants spent 963,227 ETH, worth approximately $2.7 billion, minting non-fungible tokens (NFTs) on the Ethereum blockchain, for 50.7% of the amount. Electronically raised funds are kept with NFT projects, and the rest is moved in according to a report by blockchain data and analytics platform Nansen.
At the same time, the volume of ETH raised in circulation to non-entity wallets has dropped from 52.3% reported 11 months ago to 45.7%.
In total, the top five NFT collectors that raised ETH through mining have accumulated 81,364 ETH, said Nansen. This is an estimated 10.3% of the total ETH raised by all projects during the analyzed period.
Along with the growth in the number of unique wallets engaged in mining, Nansen said it has also seen a slight expansion in the average amount per wallet during this period, at 3, 65 dollars/wallet. This is up from the previously reported average of 3.16 mints.
“During the research period, a total of 28,986 NFT collections were deployed. In total, these projects raised 833,641 ETH. Interestingly, more than half of these collections are free minting projects” at a rate of 51.6%, the company said.
The average amount of funds raised by projects is 1.43 ETH and the average is 59.4 ETH, according to Nansen.
Louisa Choe, Research Analyst at Nansen, said: “We maintain our conclusion that the minting sector of the NFT market is still performing well with the increase in average coins per wallet address only“.
Choe added that “on-chain evidence of NFT collections reinvesting core sales revenue into NFT demonstrates that builders and creators in this market are considering the long-term impact of their projects.” their projects and make decisions that will support that growth.