Art, Blue-Chip-Nfts drive the growth of the NFT market in the second quarter

Art, Blue-Chip-Nfts drive the growth of the NFT market in the second quarter

Consumers continue to show interest in NFTs in view of the restless markets, whereby art and blue chip collections are among the most powerful sectors in the market, as a new report by Nansen shows.

The quarterly report of the blockchain analysis platform on the status of NFTS (non-fungable tokens) analyzes the six NFT indices from Nansen: nans NFT-500, nansen Blue Chip-10, nansen social-100, nansen Art-20 and Nansen Metaverse-20. The indices are weighted according to market capitalization and are denominated in Ether (Eth).

nansen's NFT-500 index, which aggregates the performance of the leading 500 NFT collections on Ethereum, had increased by 49.9 % compared to the previous year. However, the index resigned most of these profits in the second quarter and recorded an annual increase of 8.5 %. Current change to the end of the quarter.

All NFT sectors recorded an upswing in relation to ETH in June, with the exception of gaming NFTs, which have decreased by more than 59 % since the beginning of the year.

Blue Chips were leading in the upward movement of the larger NFT market at the beginning of June-the top 10 collections reported an increase in market capitalization by 23.6 % at the end of the quarter and an increase of 17.9 % in June alone.

Mebits from Yuga Labs recaptured its place in Nansen's Blue Chip-10 Index, and Chromie Squiggle from Art Blocks also joined the ranking and replaced the NFT Worlds and World of Women.

The report suggests that due to the limited liquidity there is hardly any signs of a continuing upward trend-the tributaries in Blue Chips still mark the "Riska" mood of the NFT market participants.

An analysis of the NFT buyers on Ethereum shows a strong recovery in recurring buyers in June and a slight recovery among first buyers.

The number of active buyers, according to Nansen, shows the continued growth of the market and the development of NFTS as a sector.

Youngest free-mint events, such as Goblintown and Moonrunners, could be a possible explanation for the recovery of buyers, according to the report.

nansen analysts also found that art NFTs recorded the greatest increase in the month with an increase of 33.1 %. This sector includes physical and digital art as well as NFTs for generative art that make up 92 % of market capitalization in the Art-20 Index.

In addition to the constant transaction volume and the considerable buy-in for Chromie Squiggle, the Currency von Damien Hirst was an art collection that developed constantly in the second quarter, a collection of 10,000 NFTs, each corresponding to a physical work of art.

During the ART-20 index a decline in volatility, the indices showed Blue Chip-10, Social-100, Game-50 and Meta-Verse-20 in accordance with the wide market an increase in volatility. The Metaverse NFT sector remains the most volatile, a conclusion that Nansen also reported in its previous quarterly analysis.

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The Post-Art, Blue Chip Nfts drive the NFT market growth in the second quarter, is not a financial advice.