NFT: -24% in sales compared to Q1 2022

by James · July 27, 2022

During the second quarter of 2022 (ie the period between April and June), according to latest report published by data analysis site NonFungible.com, NFT sales fell 24 percent from the previous quarter.

In the report, it must be taken into account that the blockchains considered in the report are Ethereum, Flow and Ronin.

Anyway, NonFungible.com highlights the differences and decline that took place in the NFT sector between Q1 and Q2, and from this we can see that active wallets also fell by 33% in three months.

Many also decided to sell, albeit at a loss, and this figure stands at 23% in terms of losses on total purchases.

The only positive numbers are the increase in smart contracts (+30%) and the average NFT holding period (55%), a number that can surely be dictated by the fact that many preferred to keep their non-fungible tokens instead of selling them on a loss.

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Interest in NFTs remains stable

The NFT market: Sales are falling in volume, but interest remains stable

Also interesting is the analysis made by the NonFungible.com team regarding interest in the sector, which remains high, according to Google search data. Interest appears to have fallen since January 2022, but is back to September 2021 values, believed to be the “golden age” of NFTs.

The countries where interest remains high are mainly Hong Kong, Singapore, China, Taiwan, the Philippines and Nigeria, while Italy is not even among the top 20 countries in the world. Among European countries, we only find the Netherlands and Switzerland, in 17th and 18th place respectively, and Romania in 20th place.

NFT performance by segment

Leading the way in the second quarter of 2022 are collectibles, with more than 300,000 active wallets, followed by games and utilities. Art is only in fourth place with 88,000 wallets instead, while metaverse is last on the list with 65,000 active addresses.

Among the projects driving the sector are mainly OtherSide, or the collection related to the Bored Apes metaverse, Bored Apes itself, then followed by MoonBirds, Loot, CloneX, and only in sixth place by CryptoPunks.

Highlights for the second quarter of 2022

Through a timeline, the report also highlights key episodes that characterized the period.

In April, for example, we recall that the announcement of Starbucks and Line’s NFT market-related initiatives took place, as well as the record-breaking sale of a CryptoPunk for 1050 ETH. Also in the same month, the beta version of Coinbase’s Non-Fungible Token marketplace was launched.

So in May the collaboration came between Madonna and Beeple and Sorare’s entry into the world of baseball.

In June, MasterCard decided to allow clients to buy NFTs on different marketplaces, while eBay bought KnowOrigin.

The last week on the NFT market

Over the past week, NFT marketplace sales on Ethereum fell by 8% (about $159 million in total) compared to the previous period, although collections such as Electricsheep, Moonbirds, and Moonbirds Oddities had peaks of between 90% and 16,000% in terms of increased trades.