Try Quests to earn cryptoNFTs in 2022
Question:
A retrospective on the NFT market in 2022.
- NFT project with the highest volume of trades in 2022?
- Which NFT project had the largest mint by dollar?
- Which NFT project decreased the most in value this year?
- Which NFT project gained the most value this year?
- What was the price of the highest-selling individual NFT?
- Which NFTs had the longest hold time this year?
- Which NFT project had the least amount of NFTs listed for sale on an exchange?
- Which project had the most NFTs listed for sale on an exchange?
About Ethereum:
Ethereum runs on a decentralized computer network, called a distributed ledger or DLT (Distributed Ledger Technology). DLT itself has many sub-branches, blockchain being one of them. Blockchain manages the data of transactions and blocks. Computers that are responsible for processing transactions and building new blocks in blockchain networks are known as nodes; The more nodes there are, the more decentralized the network will be. Nodes must download the entire blockchain, which includes the history of all transactions, along with the corresponding software (which is called the client) and by providing their processing power (in proof-of-work networks) or their coins (in networks Proof of Stake) to process transactions and build blocks.
All blockchain networks have their own native digital currency, and in the case of the Ethereum blockchain, this digital currency is EٍTH
About NFTs:
NFTs are non-exchangeable tokens. They are issued as a unique digital certificate of ownership for any type of digital asset. In fact, an NFT is a smart contract that is regulated and digitally secured using open source platforms (which anyone can download from sites like GitHub). Once written, it can be stored or permanently published as a token on a blockchain network like Ethereum. Because NFT allows the buyer to own the original commodity, which includes internal authentication; As a result, this authentication proves the ownership of this work and cannot be used by others. In fact, the spiritual value of the work is tied to the credibility and identity of the artist, and they agree to produce and donate only one unit of the desired work as NFT to the buyer.
NFTs can be a financial investment, an emotional purchase, a collector's item, or a way for the buyer to connect more closely with the creator of the NFT, such as an artist or a brand. This is similar to how people collect postage stamps, old coins, or butterfly collections.
Application of NFTs:
NFTs can be used to tokenize (digitize) almost anything. However, different types of "media" make the most use of these tokens. The most popular applications of NFTs include the following (active projects in each area are also indicated):
- Digital artworks (SuperRare, KnownOrigin, Async Art, Rarible, OpenSea)
- Digital music (Mintbase, InfiNFT, Airnft and Audius)
- Virtual Real Estate (Cryptovoxels, Decentraland and Sandbox)
- Wearable items of virtual reality or VR Gaming and computer games (Axie Infinity, Sorare and…)
- Tickets for various events or permission to attend them (get protocol)
- Event attendance/activity subscription badges (POAP and Galaxy)
- Blockchain domain names (Ethereum Name Service, Unstoppable Domains and TNS)
Methodology:
The data provided by Flipside has been used to handle this analysis. To handle this investigation the following steps have been passed as below:
- Step 1: General actions related to NFTs on Ethereum
- Mint
- Secondary sale
- Annual analysis
- Monthly analysis during 2022
- Step 2: Top NFT collections based on various metrics
- Most valuable NFTs
- NFTs that became most popular
- Most expensive collections in 2022
- NFTs hold time
- Distribution of minters and purchasers in USD
- NFTs hold most by purchasers
- Step 3: Leaderboard
- Top purchasers with highest purchase volume in USD
- Top traders with highest profit in USD
- Step 5: By aggregating the outcomes of the steps and deep dive into the Ethereum blockchain, draw a conclusion about the NFT activity during 2022
Findings:
This part is used to find out the pattern of NFT activity on Ethereum chain over years:
- From the secondary sale perspective, the 2022 has the highest sale volume in USD compared to other years.
- Also, the other metrics like sale count and count of purchasers reveal the domination of 2022 and the difference is high and it can be said that 2022 is the most popular year for NFT sale.
- Now, from the mint point of view, the 2021 has highest volume of mints in USD.
- But from the point of unique minters and minted NFTs, the 2022 is the most active year compared to other years.
- Now lets analyze the monthly investigation during 2022. As shown from the results, the volume of NFT sale on Ethereum network decreased since May 2022. But the mint volume on Ethereum network has consistent trend during 2022.
Findings:
Lets dive deep into the various aspects of NFT collections on Ethereum network in 2022:
- The most popular NFT collection with the highest volume of mint in 2022 is the Uniswap NFT project.
- The most expensive NFT collection from the mint perspective is Curve Finance NFT collection.
- Most of the mints during 2022 have purchasers between 100 and 500 USD on Ethereum.
- The highest sale volume in USD for NFTs on Ethereum belong to Terraforms in 2022 and the most expensive NFT collection with highest average sale price belong to Fantasy Islands-Sandbox.
- The highest count of purchasers in 2022 have been purchasers between 100-500 USD during 2022.
Useful links:
Conclusion:
NFT is becoming more and more used day by day and the scope of its use has gone beyond the world of digital currency. For example, the non-exchangeable token is an inseparable part of the metaverse concept that shapes the future of the digital world. By considering the consequences of previous parts the following conclusion has been drawn:
- The trend of using NFT in Ethereum has always been growing, but according to the recent situation of the digital currency market, the sales volume of NFT has been on a downward trend.
- The supremacy of the Ethereum network is undeniable from the point of view of sales volume as well as various NFT projects.
- The origin of NFT projects on the each network and marketplace have had a great impact on the volume and price of NFT sales, which can be seen in the results.
- Considering the importance of NFT projects and their popularity among users, Ethereum always trying to introduce unique projects and gain a larger share of the NFT sales market.
Author:
Credited by MZG
Discord handle: m.zamani#0361
Twitter handle: @GargariZamani
Findings:
This part contains the extra metrics related to the NFT collections and purchasers:
- The Terraforms has the highest gained value during 2022.
- Also, the Autoglyphs experienced the largest decrement in value during 2022.
- Share of NFTs of the most of the projects listed by under 25% of minted NFTs.
- The COSMOS NFTs have been held most by purchasers on NFTs in 2022.
- Most of purchasers hold NFTs related to Opensea NFT collection.