According to new market research published by blockchain data firm Nansen, crypto users spent 963,227 Ether (ETH), worth $2.7 billion, clipping non-fungible tokens (NFTs) on the Ethereum blockchain in the first half of 2022. The vast majority of the cut took place on OpenSea.io.
The hack was performed on 1.088 million unique wallet addresses on Ethereum during this period, Nansen he said. In comparison, about $107 million of NFTs were mined on BNB Chain and $77 million on Avalanche. A total of 263,800 unique wallet addresses participated in NFT mining across the two blockchains.
1/ Market participants spent 963,227 $ETH (approx. $2.7B) for NFT cutting in the first half of 2022.
So what did NFT projects do with the money they raised?
Read our latest research here: https://t.co/ifgKdTnF9S
— Nansen (@nansen_ai) August 2, 2022
Sixty nine NFT collections launched on May 22nd alone, bringing the daily mining volume to over 120,000 ETH. The total number of NFT collections minted and sold on Ethereum in the first half of the year was 28,986. Over two-thirds of NFT projects raised less than 5 ETH, although 140 collections raised well over 1,000 ETH. Cumulatively, the top five NFT collections on Ethereum accounted for 8.4% of the total cut. These include Pixelmon-Generation 1, Moonbirds, VeeFriends Series 2, Genesis Box and World of Women Galaxy.
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About half of the amount raised remained in NFT projects, while the other half was released to non-entity wallets. However, Nansen could only detect direct transfers from NFT project addresses to direct trading addresses. Subsequent transactions with other counterparties were not recorded, thus limiting possible conclusions about how the funds were used after the NFT fell.
In addition to research, Nansen is also known for index sizes such as NFT-500, which track the performance of the top 500 NFT collections on Ethereum for both the ERC-721 and ERC-1155 token standards. The company secured $12 million in investment from Andreessen Horowitz last year.