The vast majority of NFTs are issued on Ethereum, with trading volumes within the network exceeding 600,000 ETH in the last seven days alone.
At the beginning of 2022, the total trading volume of NFTs was around $17 billion. But it exceeded $50 billion by early April, according to an IntoTheBlock report. As of April 25, the overall trading volume already surpasses $56.4 billion.
More than 90% of NFTs are created on the Ethereum blockchain, with trading volumes within the network exceeding 600,000 ETH in the last seven days. According to the current value of ETH, monthly turnover is more than $10 billion. Analysts recorded the most dramatic growth in January 2022 — during this period, the trading turnover of NFTs reached $17 billion. Moonbirds became the most popular among new NFT collections in 2022.
Recall that Ethereum developers recently updated the ERC-721 token standard by adding a cashback feature. The updated version was named ERC-721R and made it possible to get money back for NFT purchase within the predefined period after the acquisition.