According to reports, one of three NFTs ends with little to no commercial activity

According to reports, one of three NFTs ends with little to no commercial activity

from Cool Cats to Jack Dorseys tweet, NFT achieved sales of $ 25 billion last year when the industry became increasingly popular. According to a report by the blockchain analysis company Nansen published today, one of three NFTS ends as a "dead collection" with little or no commercial activity.

The conclusions are based on observations of blockchain-based collectors with either less than 10 sales transactions in the last 30 days or those that are no longer listed on a marketplace.

While some market participants buy and sell digital works of art, others choose to shape them.

For uninitiated, the process is shaped to bring an object into the chain - and to make it into a non -fungable token (NFT). The participants usually shape NFTS via Ethereum, Polygon or Solana by paying fees for this.

This number of these formative NFTS rose from around 500 to 1.2 million last year-which means a 2000-time growth of the market.

One of three NFTs, which is characterized, also has a higher market price than the initial costs for the embossing. The profiles of the NFT miners also show a gradual increase in retail or "non-whale" miners.

"The data show a trend towards more affordable projects that exceed the initial pregnancy," said Paul Harwood, product manager at Nansen, to block works.

"This indicates that the NFT market matures, whereby the most powerful projects are able to better combine with the communities and markets on which they are based."

Since the beginning of the year, the amount of ether that is output for shaping has gradually decreased-which could indicate a slight correction of the NFT market.

"As with all instruments on the market, I believe that NFTs will experience a correction," Kevin Kang, founding director of the KROPTO HEDGING BKCOIN Capital, told Blockworks.

"NFTS will not be immune to the risk aversion on the market, since mainstream art collectors NFTS tend to see as a risky system."

The transaction and trade activities of OpenSA went back 67.2 % 23.31 % each last month, according to blockchain-daten-daten-dashboard dappradar .

Stephen Young, founder of the marketplace NFTFI, said Blockworks that the "Money Grab Projects" will die in NFTS, but despite the declining signals, the wider blockchain-based collector's market will not do so.

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The contribution of one of three NFTs ends with little to no commercial activity, reports say, is not a financial advice.