Market participants spent 963,227 ETH on creating non-fungible tokens (NFTs) on the Ethereum blockchain between January 1 and June 30, 2022.
Blockchain company Nansen conducted new market research, tracking the flow of Ethereum (ETH) generated by initial sales of NFT collections. Nansen analysts have recorded the creation of more than 1 million unique addresses on Ethereum, which generated $2.7 billion in NFT minting in the first half of this year.
By comparison, about $107 million worth of NFTs were minted on BNB Chain and around $77 million on Avalanche during the same period. A total of 263,800 unique addresses were involved in creating NFT collections on these two blockchains, a 279% decrease compared to Ethereum.
According to Nansen, market participants spent 963,227 ETH to create NFT collections on Ethereum in half a year despite a decline in monthly NFT trading volume in 2022. The vast majority of minting took place on OpenSea.
A total of 28,986 NFT collections were issued on the Ethereum blockchain in the first half of this year. However, only 8.4% of collections raised more than 1,000 ETH, and 66% had a trade turnover of 5 ETH or less. A recent study by Statista analysts showed that Thailand is the country with the most NFT users.
