Over $1B reinvested into ecosystem from NFT mints in 2022 according to Nansen report
Nansen, one of the industry’s leading blockchain data and analytics platforms, released a report on Tuesday detailing the flow of Ethereum raised through NFT Mint in 2022.
“NFT Sales: Where Did ETH Go?” Report Based on Nansen Report 2021 study, This revealed that most of the funds raised through NFT Mint were “moved to non-entity wallets.”
“NFT creators are now holding their funds and reinvesting them back into the ecosystem, signaling a shift towards becoming more mature and conscientious builders.”
Nansen has reviewed collections that have recorded a sales volume of over 20 ETH in the first six months of 2022. In that analysis, the data points to a “mature NFT market.”
Report highlights
- 963,227 ETH was raised from the Ethereum NFT issuance.
- 488,356 ETH (50.7%) held by the NFT project,
- 440,194 ETH distributed to “non-entity wallets” (45.7%)
- ETH sent to “non-entity wallets” decreased by 6.6%
- 28,986 NFT projects launched on the Ethereum blockchain
- 140 NFT collections worth over 1,000 ETH
- Average ETH raised per project was 59.4 ETH
- Top 5 NFT collections raised 10% of total ETH across NFT projects (81,354 ETH)
Among the NFT collections analyzed, the majority offered free mints, indicating a trend of increasing free mints projects in 2022. Only 343 collections were launched with mints above 500 ETH. .
Nansen Research Analyst Louisa Choe commented:
“The mint sector of the NFT market remains healthy, with an increasing average number of mints per unique wallet address…there is no on-chain evidence that NFT collections are reinvesting primary sale proceeds into NFTs. , shows that builders… are making decisions that support its growth.”
In support of this paper, only 0.3% of all funds raised from the projects featured in the report were transferred to exchanges. However, he identified one limitation in the report, as the study did not cover subsequent transactions from the recipient’s wallet.
The report discloses tagged wallets that interacted with top NFT collections, detailing Moonbird, Pixelmon, VeeFriends, World of Woman Galaxy, and Genesis Box.
The full report is Nansen website.
