According to a recent Nansen report, between January 1 and June 30 of this year, NFT space enthusiasts spent 963,227 ETH (about $2.7 billion) per NFT mint.
During this time, 50.7% of the ETH proceeds from the initial project sales remained in the NFT communities. Another 45.7% went to unknown wallets, for which the Nansen team could not determine the owner. Only 0.2% was sent to exchanges, while 3.5% was listed in the “other” wallets sector. This includes addresses of charities, service providers, etc.
The top 20 wallet addresses that have withdrawn ETH from their NFT projects belong to collections such as VeeFriends Series 2, Primitive, Meta Labs Field Agents, and more. Vee Friends Series 2 accounts for five of the top 20 transfers to non-ETH wallet addresses legal entities.
The numbers give some idea of the current crypto winter. This year, 45.7% of ETH has been withdrawn from NFT projects, compared to 52.3% last year.
The mint accounted for 13.7% of all NFTs in those six months. Notably, when comparing Ethereum to other blockchains that Nansen has explored (Arbitrum, Avalanche, and Binance), BNB Chain has the most significant proportion of mint-related volume, averaging 80.2% per week or $107 million.
Almost two-thirds of the projects earned less than 5 ETH during the period analyzed by Nansen. A total of 140 NFT collections have earned over 1,000 ETH.
Given the study results, Nansen concludes that the mint sector of the NFT market remains healthy. The fact that NFT projects are reinvesting a large portion of the proceeds from direct sales in their communities shows that this space is now home to creators.
