NFT Sales Are Skyrocketing Despite A Crypto Market Crash, Here’s Why

NFT volumes look like thriving regardless of ongoing weak point in crypto market, knowledge exhibits. A mixture of outdated and new gamers are driving the newest growth.

Whereas most main cryptocurrencies have caught to a restricted buying and selling vary for many of 2022, NFT volumes and holdings have skyrocketed, even outpacing a surge seen final yr.

Total crypto market capitalization has caught to between $1.6 trillion and $2.2 trillion for many of the yr, with majors equivalent to Bitcoin and Ethereum consolidating round $40,000 and $3000, respectively.

However, knowledge from blockchain analytics agency Into The Block exhibits that NFT buying and selling volumes surged exponentially this yr, greater than doubling from the beginning of the yr to $56 billion.

Previous tasks and new

The surge in NFT volumes can be accompanied by a soar within the variety of NFT collections, which far eclipse features seen even in 2021. A file variety of over 3.5 million addresses now maintain NFTs.

A bulk of this latest growth will be attributed to renewed curiosity in established stalwarts such because the Bored Apes assortment. The upcoming launch of a metaverse noticed the gathering’s ground value rush to file highs this week. Spinoffs equivalent to Mutant Apes and Kennel Membership additionally noticed massive value spikes.

However flashy new entrants additionally seem to have captured the market. The Moonbirds assortment, which launched earlier in April, has constantly topped gross sales charts within the week since its launch.

Knowledge from NFT Go exhibits that regardless of a botched launch, the Akutars challenge, a brand new assortment by former baseball participant Micah Johnson topped volumes up to now 24 hours.

Why are NFT volumes skyrocketing?

Wanting on the knowledge, one can conclude that 2021’s NFT growth is exhibiting no indicators of stopping. A significant component in that is probably that the medium is way extra accessible than crypto, and is topic to lesser regulatory scrutiny.

International locations equivalent to China, which has banned crypto, nonetheless enable some commerce in NFTs. Their hyperlink to sports activities and pop culture additionally given them attraction amongst customers who aren’t normally concerned about crypto.

Web3 and non-web3 firms are additionally nonetheless foraying into the house. Coinbase lately launched its a lot awaited NFT market, whereas Japanese social media big Line lately launched its personal enterprise.