NFTs Daily Trading Volume Surpasses $50 Bln in April 2022

The daily trading volume of NFTs surpassed the psychological level of $50 Bln per day in April 2022, according to the on-chain data acquired by IntoTheBlock, a blockchain analytics company. More than that, the daily trading volume of NFTs is only gaining momentum, as it has increased more than three times since the start of the year.

While the broader cryptocurrency market has been in quite a flat for the whole 2022, the enthusiasm for non-fungible tokens is only getting strength. Another blockchain analytics platform Nansen released a Q1 2022 report stating that the NFT market has outperformed the broader cryptocurrency market. The NFT-500 Index by Nansen shows the Ethereum-denominated YTD performance of 49.9%. In comparison, Bitcoin’s XBX index represents its year-to-date performance at the levels of 1,9% only.

The growing popularity of NFTs is confirmed by various IntoTheBlock on-chain metrics. The number of NFT collections on the Ethereum blockchain has drastically increased: there are more than 81,000 NFT collections reported as of April,19. Comparing to the number recorded a year ago, there were only about 15,000 collections available at that time. Other metrics show that the number of Ethereum addresses holding NFTs is also constantly increasing. Only 1.4% of the wallets held non-fungible tokens last April, but now the number has gone up to 4.64%.

According to the IntoTheBlock on-chain analysis, there are five collections currently valuated over $1 Bln. The BoredApeYachtClub collection’s market cap is equivalent to $3.87 Bln, with CryptoPunks lagging behind with $2.1 Bln valuation. The other collections representing the Top-5 are MutantApeYachtClub, CloneX, and Foundation.