More Than $2.7B Reportedly Spent on NFT Minting This Year

The report of a research conducted by blockchain analytic company, Nansen has been released, and based on the finding, over $2.7 billion has been spent on minting non-fungible tokens (NFT) so far this year.

Crypto users spent 963,227 Ether (ETH) minting NFTs on the Ethereum blockchain. In this first half of the year, the minting process was conducted across 1.088 million unique wallet addresses on Ether.

Additionally, a total of 263,800 unique wallet addresses were involved in NFT minting on the BNB and Avalanche Blockchain. 

The NFTs minted on the BNB blockchain were worth $107 million while those minted on the Avalanche blockchain had a value of $77 million. A very large portion of this minting process was carried out on OpenSea, the world’s largest NFT marketplace.

Other Key NFT Report Highlights

Based on the report, 50.7% of the Ether transactions came from NFT projects. While 45.7% was redirected to non-entity wallets. 

Therefore, these transfers to non-entity wallets made it difficult to track subsequent transactions to other wallets. The only traceable transactions were the ones that involved funds directed to NFT projects. Hence, several of the minted NFTs have not been accounted for nor the utilization of their funds discussed.

Top NFT collections like Pixelmon-Generation 1, Moonbirds, VeeFriends Series 2, Genesis Box, and World of Women Galaxy made up about 8.4 % of the minted NFTs. These top collectibles were all minted on the ETH blockchain. 

Cumulatively, the NFTs minted on the ETH blockchain during the first six months add up to 28,986. In May alone, about 69 NFT collections worth over 120,000 ETH were launched. Apart from the non-entity wallets, NFT minting is waxing strong and many crypto firms are exploring the space. 

MoonPay, a crypto payment firm launched a minting arm dubbed HyperMint. The payment firm collaborated with major entertainment firms such as Universal Pictures and Death Row Records.

Social media giant Meta has introduced NFTs into two of its daughter platforms, Instagram and Facebook. With the innovation, creators can display NFts on their timelines and use them as their profile pictures. Meta intends to introduce this offering to Whatsapp in the future.

These and many other latest trends showcase how the tokens are growing in popularity by the day.