Majority of NFT Collections Reinvest Ethereum Back Into System – Nansen

Ethereum Investing NFT Non-fungible tokens Wallet
Last updated:
Author
Author
Jaroslaw Adamowski
About Author

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Source: AdobeStock / denisismagilov

 

In the first half of 2022, market participants spent ETH 963,227, worth about USD 2.7bn, on non-fungible token (NFT) minting on the Ethereum blockchain, with 50.7% of the raised crypto staying with NFT projects, and the remainder circulated to non-entity wallets, according to a report by blockchain data and analytics platform Nansen.

At the same time, the volume of the raised ETH circulating to non-entity wallets decreased from the 52.3% reported 11 months ago to 45.7%. 

Source: nansen.ai

Cumulatively, Nansen said, the top five NFT collections that raised ETH through minting accumulated some ETH 81,364. This was an estimated 10.3% of the total ETH raised by all projects in the analyzed period.

Along with the growth in the number of unique wallets which took part in the minting activity, Nansen says it has also witnessed a slight expansion in average mints per wallet during this period, at 3.65 mints per wallet. This is up from the previously reported average of 3.16 mints.

“In the studied period, a total of 28,986 NFT collections were deployed. In total, these projects collectively raised 833,641 ETH. Interestingly, slightly more than half of these collections were free mint projects” at 51.6%, the firm said.

The median amount raised by projects was ETH 1.43, and the average was ETH 59.4, according to Nansen.

We “maintain our conclusion that the minting sector of the NFT market remains healthy with the rise in average mints per unique wallet address,” said Louisa Choe, Research Analyst at Nansen, as quoted in a statement. 

Choe added that “on-chain evidence of NFT collections reinvesting primary sales revenue into NFT demonstrates that builders and creators within this marketplace are looking at the long term impact of their projects and making decisions that will support that growth.  

____

Learn more: 
Top NFT Collections Rise in Price After Latest US Fed Hike
Jewelry Giant Tiffany & Co to Sell CryptoPunk NFT Pendants for Ethereum

ENS Bidding ‘Joke’ Goes Wrong, NFT Whale Loses ETH 100
NFT Giant OpenSea Shares 5 Safety Recommendations as Users’ Emails Leaked

‘NFTs May Be New, but This Criminal Scheme Isn’t’: Ex-OpenSea Head Arrested for NFT Insider Trading
Report on Lightning Network-Powered DeFi and NFTs Dismissed Even by Bitcoin Advocates

More Articles

Bitcoin News
Bitcoin Analyst PlanB Moves Entire BTC Holdings to Spot ETFs for “Peace of Mind”
Ruholamin Haqshanas
Ruholamin Haqshanas
2025-02-16 10:12:34
Altcoin News
Pantera Capital’s Dan Morehead Under Federal Tax Investigation After Move to Puerto Rico
Ruholamin Haqshanas
Ruholamin Haqshanas
2025-02-16 10:10:26
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors