On-chain data source Chainalysis shed light on the activity situation in the NFT market with the report published on May 5. According to the report, which is a preview of the State of Web3 Report to be released in June, the value shipped so far to NFT marketplaces in 2022 exceeds $37 billion.

While this value looks good on its way to surpass the total value sent in 2021 of $40 billion, NFT trading volume, which was $3.9 billion in the week of February 13, fell to $ 964 million in the week of March 13. The volume recorded in the week in question was the lowest volume seen since the week of August 1, according to the report.

On the other hand, the trading volume of the NFT market started to recover in April. Behind this recovery is the launch of Otherside, the metaverse project of the popular NFT collection Bored Ape Yacht Club, according to Chainalysis.

In the chart quoted from Chainalysis, the weekly total value (dark blue) and average transaction value (orange) sent to NFT platforms over the past 1 year can be seen.

WeeklyTotal

Yuga Labs, the creator of Bored Ape Yacht Club (BAYC), the largest NFT collection in terms of market value, has started the metaverse project Otherside, which it announced in the past months. The company has launched the sale of Otherdeed NFTs, which represent digital land titles in the metaverse. So much so that the interest in the collection caused Ethereum gas fees to rise to astronomical levels for a short time.

On the other hand, Chainalysis stated that the number of active buyers and sellers in the NFT market continues to increase. According to the report, while 627 thousand individual addresses were processed in the last quarter of 2021, this number increased to 950 thousand in the first quarter of 2022. The number of active NFT addresses in the second quarter of 2022 reached 491 thousand as of May 1.

In the chart quoted from Chainalysis, a quarterly chart of NFT addresses active from Q1 2020 to Q2 2022 can be seen.

active buyers