Despite sporadic market conditions, NFT collectors are on track to spend more on NFTs in the first half of this year than in all of 2021.
Collectors of nonfungible tokens (NFTs) have already sent more than $37 billion in value to NFT marketplaces this year as of Sunday, a figure that nearly exceeds the total amount in all of 2021. According to a report from Chainalysis, investors sent $40 billion worth of cryptocurrency to smart contracts associated with NFT collections and marketplaces throughout 2021. Source: ChainalysisSince the beginning of last year, NFT transaction volume has grown considerably, but the overall growth of the industry has been inconsistent. The report outlines that NFT transaction volume occurs sporadically and has been in a downturn since mid-February. The NFT market has since made a brief recovery as of mid-April — most likely due to the recent hype around Moonbirds and the Bored Ape Yacht Club’s
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