How big is the NFT space?

How big is the NFT space

Non Fungible Tokens is one of the crypto spaces that has been gaining the most popularity recently. There is a lot of talk about it, however, a handful of facts are useful. So let’s present NFT in numbers.

NFT invasion

Let’s start with what NFTs actually are. In the simplest terms, these are non-exchangeable tokens based on the blockchain architecture, which in their basic assumption do not find another equivalent. Such tokens cannot be copied or transferred without the consent of their holders. Their form finds application in authenticating products. NFT collections are also known, such as CryptoPunks, for example. This set of 10,000 images with dimensions of 24×24 pixels has become a sought-after product all over the world, in which even payment giant Visa has decided to invest. It has paved the way for the further influx of institutions which, according to many analysts, look more and more favourably upon this cryptographic segment.

NFT in numbers

Many times we could hear about the NFT market gaining momentum, and just after that about its rapid fading, suggesting even a slump in this segment. This is the theory. But what are the facts?

To find out more visit nonfungible.com. It is from there that we obtained the following data, which we will try to discuss in more detail here. We will look at them in the full time span, on a one-day interval.

Number of unique wallets

The beginning of the NFT boom took place in December 2017. Back then, the number of unique portfolios, at its peak, reached 12,874. After a long period of market weakness, demand for NFT has returned. A significant increase in the number of wallets has already been observed since the beginning of 2021. The trend is clearly upward. Furthermore, the ATH of 21,270 units was reached on September 27. 

Number of sales

The statistics of transactions made are equally interesting. One can even notice that these charts are twinned. The previous ATH of 52,457 also set in December 2017 has been broken a couple of times recently, setting a new peak of 54,130, recorded again on September 27 this year. The number of transactions at the current time is gaining momentum and also looks very promising.

Total value of trades made

The last chart seems to be the most interesting. It presents a certain anomaly in relation to the previous ones. It turns out that the previously mentioned peaks, reached in December 2017, are of marginal importance from the current perspective. This indicates a dynamic increase in the value of the NFT market. This time, the key date becomes August 28, when the one-day value of transactions in the NFT segment established the ATH at $267,664,826.35.

This data shows that rumors of expiring demand for NFT are greatly exaggerated. We are seeing a surge in interest in non-convertible tokens at this time. Institutions are right to accelerate this process and cause us to reach new peaks on the quoted charts in the near future.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

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