Collectors have sent $37 billion to NFT marketplaces already this year, nearly eclipsing the total volume in 2021.
Since the beginning of last year, NFT transaction volume has grown considerably, but the overall growth of the industry has been inconsistent.
The report outlines that NFT transaction volume occurs sporadically, and has been in a downturn since mid-February. The NFT market has since made a brief recovery as of mid-April — most likely due to the recent hype around Moonbirds and theDespite the short-term fluctuations in NFT transaction volume, the number of people around the world buying and selling NFTs remains strong, with 950,000 unique addresses buying or selling NFTs in Q1 2022.
As of May 1, Q2 2022 491,000 unique addresses have transacted with NFTs, putting the market on track to continue its growth trend in the number of participants. By analyzing the web traffic of the major NFT marketplaces, Chainalysis determined that NFTs attract users from all corners of the globe, with Central and Southern Asia leading the charge, followed closely by North America and Western Europe.
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