Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

NFT trading volume increased by almost 200 percent this year, hitting $50 billion


IntoTheBlock, a site that monitors the cryptocurrency market, said on April 18 that the total amount traded in NFTs had just hit 18 million ETH, or $54 billion.

This year, global NFT trading volume has grown 222.2 percent from $16.94 billion on January 1, 2022, to $54.58 billion on April 17. This is a 222.2 percent increase since the start of the year.

On April 13, the platform released a new graphic that showed that the NFT adoption curve was still very much in its infant stages. Only 4.5 percent of ETH addresses with balances were NFT holders at the time.

On April 17, IntoTheBlock data showed that this percentage has been growing over time. It reached 4.64 percent on that day.

CMO Marie Tatibouet spoke about the future of NFTs and the cryptocurrency industry in general at the Paris Blockchain Summit. She spoke with David Lin, the host of Kitco News.

Tatibouet also talked about the surge in NFT collections, which is important because a lot of new people are joining the crypto market through NFTs instead of Bitcoin.

Rather than Bitcoin or Ethereum, many new crypto users are being onboarded with NFTs for the first time. KYC is no longer an obstacle.

A well-known Shark Tank investor, Kevin O’Leary, said that NFTs would be more valuable than Bitcoin in the long run. The CMO agreed with him.

“Absolutely. I think 100% because the NFT market can be so many different things and I do think for example all of the art pieces will have NFTs or fractionalized NFTs as well associated with them every single piece of art for short not now but 10 years from now I’m almost certain.”

“Like the bubble,” Tatibouet believes that there has been a lot of hype around NFTs and that everything would eventually come tumbling down.

This is what she said: “Right now NFTs are mostly collectibles but we are evolving towards having more use cases and once these use cases are more tangible might I say I think we’ll see a new explosion of NFT.”

About Tiffany Ellis

She is a smiley curious writer from the USA. She loves Cryptocurrencies, Arts an also NFTs.

Latest NFT News, Trendings and Tutorials, right in your inbox, every Monday

IMPORTANT DISCLAIMER: All content provided here in our website, hyperlinked sites, social media accounts and other platforms are for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them.

Recommended Posts

Leave a Reply

Your email address will not be published. Required fields are marked *