NFTs in 2022
Non-fungible tokens are unique digital goods that are stored in blockchain. They are mainly used within the art market to prove the authenticity of digital works of art. While digital artworks could be indefinitely shared online, digital art in the form of an NFT becomes a unique asset. The process of turning a digital file into an NFT is called minting, while the art created through this process is usually defined as crypto art.
Based on a report, these are the most porticular statistics about NFT market in 2022:
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Count of wallets that minted a NFT was more than 2 times bigger than count of wallets that bought a NFT via secondary market in 2022. Count of wallets that minted a NFT increased from Jan to Sep, but then decreased sharply, while count of wallets on secondary market decreased from Jan and reached to its lowest level on Nov.
According to data shared by Statista, the number of active wallets that were involved in NFT trading declined by over 17% between Q2 2022 and Q3 2022.
Count of mint transactions was also bigger than count of sales transactions on secondary market. Although count of mint transactions decreased in the first 3 months of the year, but it grew sharply then until Sep. In Oct and Nov count of mints decreased sharply, but in the last month of the year, this count recovered a bit.
Count of transactions on the secondary market had a decreasing trend in 2022, with 3 small recovery on April, July and Dec.
Count of minted collections was about 4 times bigger than count of collections on the secondary market.
Count of collections on the secondary market increased during time and reached to 15 K collections on Dec, while it was less than 6.5 K on Jan. Number of minted collections was 9.5 K and reached to about 30 K on Sep.
Count of minted NFTs was about 3.5 times bigger than count of NFTs on the secondary market.
Count of NFTs on the secondary market was very volatile during time, it was 167 K in Jan and reached to 113 K NFTs on Dec. Number of minted NFTs was 213 K and reached to about 1.1 M on Sep. This number decreased sharply in the last 3 months of the year.
Although count of users, transactions of mints was bigger than secondary market, but the volume of transactions on the secondary market was about 3.5 times bigger than the volume of mint transactions. Monthly volume of sale on the secondary market decreased sharply in 2022. It was more than 16 B in Jan, while it decreased to 1 B in Dec.
USD volume of mints had a decreasing trend too but had a big spike in June and Aug.
In 2021 and 2022, the number of sales involving NFTs in the art segment fluctuated a lot. As of November 15, 2022, the total number of sales recorded on Flow, Ethereum, and Ronin blockchains over a period of a month was about 30,000.
In terms of money, these ±30,000 sales for this period amounted to more or less $36.1 million.
While the art segment isn’t as strong as collectibles, according to NonFungible.com the crypto art segment is performing well compared to the overall market. The sales volume might be smaller than gaming, but when you measure volume traded in terms of dollars, it’s triple as strong. In Q3 2022, the art sector generated more than $125 million compared to the gaming segment’s almost $40 million.
Average volume of transactions on the secondary market was about 2 K USD while the volume of mint transactions was 178 USD. Monthly average volume of sale on the secondary market decreased sharply in 2022. It was more than 6.4 K in Jan, while it decreased to 549 USD in Dec.
Between the 1 April 2022 and 30 September 2022, the average price of NFTs has dropped by a massive 87%. NonFungible.com explains that this huge decrease is caused by the drop in price of Ether and the fact that there’s less hype around assets.
Average USD volume of mints had a decreasing trend too but had a big spike in June and Aug and Nov. It decreased from 474 on Jan to 99 USD on Dec.
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In the above charts you can see the NFT projects that the highest volume of transactions in 2022.
Zombieclub, Zombie Zebra and Zoothereum were the 3 projects with the highest volume of mint transaction. The average volume for these projects were 1.7 K, 149 and 1.6 K USD, respectively.
Zzyzx by Gregory Halpem was the project with highest volume of sale in the secondary market. The average volume for this collection was 3.2 K. In March 2021, auction house Christie’s sold an NFT digital collage by American artist Beeple for the staggering price of 69.3 million U.S. dollars, making it the most expensive NFT sold worldwide. After the auction, NFT interest exploded.
Token ID 15248 and 4704 from Meebits collection were the 2 NFTs with highest volume of trade in the secondary market(186 M and 169 M USD respectively).
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In this part, we checked the NFTs and collections to reach to the NFTs with highest loss and profit of sale in 2022.
As you see, Dreadfuiz, Mre Loot and HYPE were the 3 collections which ==gained the highest USD volume of profit== it 2022(147 K, 113K and 90 K USD respectively).
Terraforms, Meebits and Boreapeyatchclub were the 3 collections which ==lost the highest USD volume of value== it 2022(243 K, 225 K and 184 K USD respectively).
If we do this analysis by the percent of change, we can see that More loot, Gates of Oxya and Winged turtules gained the ==highest percent of profit== in 2022. And Friendsies, Raidparty and The N Project were the 3 projects with ==highest share of loss==(more than 99.9% decrease in value).
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In the last part, we were asked to find the collections with highest and least count of sales in the secondary market.
ENS was the most successful project in 2022. It sold more than 218 K NFTs in 2022. The second rank belongs to Art Blocks which sold less than 52 K NFTs. The otherside with 41.2 K sales was in the third rank. Other collections sold less than 20 K NFTs in 2022.
There was 5 collections which had only 1 sale in 2022. Nifty Giveaway had 2 sales.
Based on a report, the most expensive NFT ever to be sold is The Merge by Pak. It was sold for $91.8 million on Nifty Gateway in December 2021.
While the sale was less shady than that of CryptoPunk #9998, the jury is still out on if this can count as a single artwork or rather a series of artworks. Instead of selling it to a single buyer, multiple buyers had the chance to buy any number of tokens. The price per unit started at $575 and increased by $25 every couple of hours. At the end, it was sold to nearly 30,000 buyers for a whopping $91.8 million in total.
It wasn’t Pak’s only big sale to date. In April 2021, The Fungible was released on Nifty Gateway by Sotheby’s and sold for nearly $17 million.
Previously (or still – you decide), the title of “The Most Expensive NFT Ever Sold” belonged to Everydays: The First 5000 Days by Beeple (formally known as Mike Winkelmann). It was sold in March 2021 for $69.3 million. As a matter of fact, it was the first purely digital artwork ever to be offered by a major auction house. What’s more, the winning bidder, Vignesh Sundaresan (aka MetaKovan), added in an interview with CNBC that he was actually willing to bid even higher.
As the title suggests, it comprises 5,000 digital artworks and is a collage of his earlier work. So, you could probably claim that it’s good value for money.
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In this bounty we were asked to answer these questions:
- 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?