NFT Trading Volume Surpasses $54B, Exceeds 200% in 2022
The non-fungible token (NFT) market continues to take the world by storm based on the notable adoption and trading volume witnessed. Data analytic firm IntoTheBlock explained: “The total volume traded by NFTs has recently surpassed 18m ETH with an aggregate value of more than $54b.” From the above chart, the total volume traded by NFTs stood at $16.94 billion on January 1, 2022, rising by 220% to hit the current $54.33 billion. Therefore, the NFT trading volume has grown exponentially from the beginning of the year. Furthermore, NFT collections in the Ethereum (ETH) network have risen in 2022. IntoTheBlock noted: “The number of NFT collections in ETH has increased by 104.5% in 2022. There are now a total of 80,300 collections.” Nevertheless, the adoption of NFTs is still in the early stages. IntoTheBlock pointed out: “The NFT adoption curve is just starting. Roughly only 4.5% of the ETH addresses with a balance are NFTs holders.” NFT market expected to grow by $147.24 billion by 2026 According to a study by market research provider ReportLinker, the NFT market is anticipated to grow by 147.24 billion during the 2022-2026 forecast period, representing a compound annual growth rate (CAGR) of 35%. Per the report: “The growing number of big brands entering the market,