Try Quests to earn crypto[Ethereum] - NFTs in 2022
Bounty Question
A retrospective on the NFT market in 2022.
- NFT project with the highest volume of trades in 2022?
- Which NFT project had the largest mint by dollar?
- Which NFT project decreased the most in value this year?
- Which NFT project gained the most value this year?
- What was the price of the highest-selling individual NFT?
- Which NFTs had the longest hold time this year?
- Which NFT project had the least amount of NFTs listed for sale on an exchange?
- Which project had the most NFTs listed for sale on an exchange?
NFT Sales in 2022 Nearly Matched the 2021 Boom, Despite Market Crash
The NFT market is down bad, but thanks to a red-hot start, the year ended almost on par with 2021.
Despite months of declining sales and falling prices, overall NFT sales volume last year nearly matched the 2021 peak, according to data from DappRadar. A buzzy start to the NFT market in 2022 buoyed the year-end tally and helped make up for the several weaker months that followed, the data suggests. The NFT market generated around $24.7 billion worth of organic trading volume in 2022 across blockchain platforms and marketplaces, DappRadar shared with Decrypt. That’s a slight dip from the $25.1 billion total recorded in 2021 as the NFT market surged in activity and interest as tokenized collectibles first became more than a niche interest. DappRadar’s “organic” data excludes trades that are suspected to be wash trades, or trades that have been manipulated in some way.
Wash trading often occurs when traders sell their own NFTs back and forth between their controlled wallets at inflated prices, often in an attempt to game a token rewards model on a marketplace. Billions of dollars’ worth of wash trading was excluded from the data, as seen at marketplaces like LooksRare and X2Y2, which offered token incentives for trading. While overall trading volume for the year was largely flat, DappRadar recorded a major surge in the number of NFTs traded last year. The analytics firm recorded about 101 million NFT trades over the course of 2022, compared to about 58.6 million NFT trades in 2021. In other words, more NFTs were traded at lower USD values, given crumbling crypto and NFT prices.
NFTs in 2022
The crypto market lost significant value over the course of the year, with losses accelerating in May amid the collapse of Terra’s LUNA and UST. The so-called crypto winter was then exacerbated by the downfall of crypto exchange FTX and the resulting industry contagion, impacting crypto prices further. The NFT market followed a similar progression throughout the year. Sales surged in January as 2021’s momentum carried into the new year, as top marketplace OpenSea alone registered a record month with $5 billion in trading volume.
Trading volume dipped in the months thereafter, but then the massive late April launch of NFT land plots for Yuga Labs’ Otherside—a Bored Ape Yacht Club-themed metaverse game—buoyed the market and drove OpenSea to a single-day record for trading volume. At that point, it looked as though 2022 NFT sales volume could handily top 2021’s tally. That spike didn’t last, however. As crypto prices collapsed in May, so too did NFT trading momentum, with prices falling sharply as a result. Monthly volume fell from nearly $3.3 billion in May to just over $1 billion in June, per DappRadar, but the market hasn’t topped the $1 billion mark in the months since. Ethereum’s Bored Ape Yacht Club was last year’s top-selling NFT project, according to data from CryptoSlam, with nearly $1.6 billion worth of trading volume. However, the vast majority of that trading took place between January and May, as starting prices fell from a late April peak of $429,000 worth of ETH to a recent low of under $60,000 in November.
December data
Compared to the early-year heights, the NFT market ended 2022 with a relative whimper. But overall trading volume ticked up slightly over November’s tally, while the number of NFTs sold in the final month of the year rebounded after a dip the previous month. According to DappRadar, the NFT market produced nearly $684 million worth of organic trades in December, up from an adjusted total of over $662 million in November. About 6.7 million NFTs were sold during the month, up from about 4.8 million in November and 6.1 million in October.
OpenSea remained the leading marketplace for organic NFT trades, notching over $297 million worth in December, according to DappRadar. That’s up from about $259 million in November. Blur, a newer rival that has incentivized NFT trades with the promise of upcoming token rewards, jumped from about $115 million in November to almost $177 million in December. The Solana blockchain continued its recent up-and-down pattern, falling to nearly $70 million from $95 million in November. It had previously dipped to $67 million in October after a hot September that saw nearly $134 million in NFT sales on the back of the launch of y00ts. The value of SOL fell sharply in November and December due to the FTX collapse.
Meanwhile, Flow—the blockchain platform behind NBA Top Shot and NFL All Day—stemmed the bleeding after two straight months of 50% or greater declines. Flow posted about $6.8 million in NFT sales in December, down from about $7.7 million in November. And Top Shot saw its first small month-over-month gain after months of declines, up to $2.2 million in December (per CryptoSlam) after less than $2.1 million of NFT sales in November. The FLOW token set a new all-time low price earlier this week after steadily losing steam amid falling NFT activity on the platform. \n
Methodology
The following methods are used in this dashboard:
In the first step, a brief analysis of the minting and selling of NFTs on the Ethereum network was performed. In this way, the number of transactions, the number of users, the number of collections, the number of NFTs, the sales volume (in USD), the average, median and maximum sales were also determined.
In the second step, the question was answered: "NFT project with the highest volume of trades in 2022?". To answer this question, the top 10 collections in terms of sales volume (in USD) were obtained. The number of transactions, number of users, number of NFTs, total sales volume and average sales per transaction were also determined.
In the third step, the question was answered: "Which NFT project had the largest mint by dollar?". To answer this question, the top 10 collections in terms of the amount of money paid for Mint (in USD) were obtained. The number of transactions, the number of users, the number of NFTs, the total volume of USD paid to Mint and the average USD paid to Mint per Mint transaction were also determined.
In the fourth step, these questions were answered: "Which NFT project decreased the most in value this year?" and "Which NFT project gained the most value this year?" To answer this question, 10 collections in terms of the highest percentage of value increase and 10 collections in terms of the highest percentage of value decrease in 2022 were determined.
In the fifth step, the question was answered: "What was the price of the highest-selling individual NFT?". To answer this question, 10 NFTs were identified that paid more when purchased than other NFTs.
In the sixth step, this question was answered: "Which NFTs had the longest hold time this year?". To answer this question, we looked at how long it took to hold a purchased NFT until it was sold.
In the seventh step, these questions were answered: "Which NFT project decreased the Which NFT project had the least amount of NFTs listed for sale on an exchange?" and "Which project had the most NFTs listed for sale on an exchange?" To answer this question, the ratio of the number of sales to the number of mints of each collection was checked and 10 collections with the highest ratio and 10 collections with the lowest ratio were determined.
Mints and Sales | An Overview
In terms of total volume of USD paid (3.44 times) and average USD paid per transaction (11.65 times), sales has the upper hand. This result is not unexpected, many collections are so-called "Free Mint" and qualified users can mint their NFT by paying only Gas Fee.
In other 5 parameters, there is a clear superiority with Mint NFTs. In the number of collections, the greatest advantage can be seen for Mint transactions. In this parameter, users have mined at least one NFT from more than 158k collections in 2022. While the buying and selling of NFTs was only from about 40k collections. The 4 times advantage of mints here is the biggest advantage of mints over sales.
But the closest competition between Mint and Sale can be seen in the number of transactions and the maximum fee paid in one transaction. where Mint's advantage over sales is about 1.5 times.
NFT project with the highest volume of trades in 2022?
"==Terraform==" and "==Meebits==" are collections that have had a very high volume of USD sales with a significant difference compared to other collections. So that the difference in the sales volume of these two collections with other collections reaches at least 7 billion USD. But the interesting thing about these two collections is that a surprising percentage of the sales of these two collections were on LooksRare. (98.5% for "==Terraform==" and 90.2% for "==Meebits==")
The top average amount paid for NFTs of a collection among these 10 collections is for "==DotDotDot==" where users have paid about $600k on average to buy each of the NFTs of this collection. Users paid an average of $568.5k and $403.5k to buy an NFT from the "==Terraform==" and "==Meebits==" collections, respectively. (second and third ranks in this regard)
Among these 10 collections, the largest number of purchases and sales is related to "==The Otherside==" collection, where more than 85k transactions have been made to buy NFTs of this collection. In these transactions, more than 41k unique NFTs have been bought and sold from this collection, which ranks first among these 10 collections with a significant difference.
Which NFT project had the largest mint by dollar?
"==Uniswap V3 Positions==" is the collection that users have paid the most to mint NFTs. (more than 11 billion USD) This fee is paid, but it is actually related to the positions that users create on the UniSwap platform, and based on the amount of each position, a specific NFT is automatically minted for the user.
“==Curve SynthSwap==” is the second highest paying collection for Mint. This collection, like the first collection, is related to the positions created on the Curve platform.
In 2022, however, the highest number of mint transactions among these 10 collections is related to “==ENS==”, for which more than 1.7m mint transactions have been recorded, and during these transactions 2.27m NFTs have been minted.
Which NFT project gained the most value this year?
"==More Loot==" is the collection with the highest value growth in 2022. The value of this collection has increased by 440k% this year.
The second place belongs to the "==Gates Of Oxya - Colony (GoOC)==" collection, which also grew by 439k%.
The number of sales of these two collections was very small and they had 174 and 13 sales respectively.
Which NFT project decreased the most in value this year?
"==Friendsies==" is the most depreciated collection in 2022. The value of this collection has decreased by 99.99% this year.
The second place belongs to "==The N Project==" collection, which also lost 99.95% of its value.
The number of sales of all these 10 collections has not exceeded 231 sales.
Which NFT project had the least amount of NFTs listed for sale on an exchange?
It seems that the ratio of sale to mint in the "==Megapark==" collection has the lowest ratio among all the available Astra collections. (136k NFT minted and only one NFT sold!). The next ranks are held by "==Batchwrapper==" and "==Karafuru3D (KAFU)==". As for the "==Batchwrapper==" collection, about 7 million NFTs have been minted and only 71 NFTs have been sold. In the case of the "==Karafuru3D (KAFU)==" collection, about 95k NFTs have been minted and only one NFT has been sold.
Which project had the most NFTs listed for sale on an exchange?
It seems that the sale to mint ratio in the "==Crypto Cloud Punks CCP==" collection is the highest among all collections. (66 times). The next ranks are held by "==LeprechaunTown_WTF_v2 (LTWTF2)==" and "==The WolfGang (WOLF)==", for which this ratio is 56 and 18 times, respectively.
Conclusion
NFT project with the highest volume of trades in 2022?
Terraform
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Which NFT project had the largest mint by dollar?
Uniswap V3 Positions
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Which NFT project decreased the most in value this year?
Friendsies
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Which NFT project gained the most value this year?
More Loot
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What was the price of the highest-selling individual NFT?
Meebit #13824
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Which NFTs had the longest hold time this year?
Metabad Donuts
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Which NFT project had the least amount of NFTs listed for sale on an exchange?
Megapark
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Which project had the most NFTs listed for sale on an exchange?
Crypto Cloud Punks CCP