More Than $2.5 Billion of NFTs Minted in 2022, Report Says

More Than $2.5 Billion of NFTs Minted in 2022, Report Says

A new report from Nansen claims that 963,226 ETH, or $2.7 billion, was spent on minting NFTs by market participants in the first half of 2022.

The top five NFT projects of 2022 raised more than eight percent of that total $2.7 billion, or 81,364 ETH. Those projects include: Pixelmon - Generation 1 (24,159 ETH), Moonbirds (19,688 ETH), VeeFriends Series 2 (14,641 ETH), Genesis Box (11,975 ETH), and World of Women Galaxy (10,901 ETH).

The study also reveals what those NFT projects did with the ETH they raised. As it turns out, less than 50 percent of the ETH was moved or transferred to non-entity wallets. That means more than 50 percent of the ETH earned during mints in 2022 stayed with the NFT projects.

This percentage is down from Nansen's previous research, which found that 52.3 percent of all ETH raised in the first half of 2021 was moved or transferred to non-entity wallets.

In short, NFT projects are keeping more ETH in their wallets and treasuries in 2022 than in 2021.

Additionally, both the number of unique wallets participating in minting activity and the average number of mints per unique wallet are increasing. 

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