TokenInsight NFT Industry Report 2022 January - May

TI Research

With the contraction of the cryptocurrency and DeFi markets, the NFT market has not been able to halt the downward trend since the beginning of the year. While the number of NFT holders and market capitalization have steadily increased, the number of daily active traders and daily trading volume has shown an overall slow down in growth. In January, NFT's monthly trading volume reached $4 billion, about 92% of its peak in August last year. since February, NFT's monthly trading volume has remained around $2 billion.

NFT market cap reached $19.29 billion in May, up nearly 80% from $10.85 billion at the end of 2021. However, the growth rate in April was -2.87%, the first negative rate in a single month since 2021.

The number of NFT holders reached 2.25 million on May 15th, up nearly 60% from 1.42 million at the end of 2021.

NFT daily volume peaked at $780.4million on May 1st in 2022, when Yuga Labs released Otherdeed. Compared with the peak of $424.3 million on August 28 in 2021, when Yuga Labs released the Mutant Apes, it’s an increase of 83.93%.

Ethereum remains the largest smart contract platform in terms of NFT volume. Its market share grew from 67% in 2021 to 87% in 2022.

OpenSea remains the largest NFT marketplace, with nearly $30 billion annual volume and 1.69 million traders.

PFP & Collectibles market cap reached $13.66 billion, consisting of 67.5% of total NFT market cap. NFTs other than PFP & Collectibles are generally shrinking in 2022, with both trader numbers and floor prices declining.

Despite the declining growth rate in NFT, projects like Moonbirds and Otherdeed broke out and achieved considerable market share with significant interest and trading volume.

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TI Research

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