The central theses

  • Nansen launched its quarterly NFT report in the present day.
  • The report highlighted that non-fungible tokens outperformed the cryptocurrency market, however there have been main variations between the NFT sectors.
  • NFT values ​​proved to be “comparatively uncorrelated” with different crypto belongings.

Share this text

Nansen has printed its quarterly report on non-fungible tokens. The NFT market has outperformed the cryptocurrency market thus far this yr, however there have been important disparities within the progress of the completely different NFT sectors.

Outperform NFTs

In comparison with the general crypto market, NFTs carried out fairly effectively within the first quarter of 2022, though not all have been winners.

Nansen, the blockchain analytics platform, launched its quarterly 2022 NFT report in the present day, a report that preceded the corporate’s indexing methodology formalized in January final yr. In February, the corporate launched its NFT Market Fund (NFT-500), which might monitor the broader NFT market in addition to Blue Chip-10, Social-100, Sport-50, Artwork-20 and Metaverse-20.

The non-fungible token market has outperformed the general cryptocurrency market year-to-date efficiency as evidenced by the NFT 500 index’s 49.9% value improve thus far in 2022 when denominated in Ethereum. Nonetheless, the report famous that the NFT market was not proof against the correction seen within the crypto market as an entire final Februaryhowever that downtrend appeared to reverse final month, with the NFT-500 up 5.9% in March.

The completely different segments (and corresponding indices) of the NFT market carried out in a different way. The Metaverse 20 index grew 129.4% (ETH-denominated) within the first quarter, whereas progress within the gaming and humanities NFT sectors slowed. The Gaming 50 Index was the worst-performing NFT sector Nansen tracked, primarily attributable to declines in play-to-earn and roleplaying NFTs. The drop within the Artwork 20 Index was primarily attributed to a value drop in Generative Artwork NFTs.

The assorted NFT sectors additionally differed drastically by way of volatility. Metaverse NFTs have been essentially the most unstable, whereas blue-chip NFTs, to which Nansen has not too long ago joined Azuki, clone Xand Doodles, have been the least unstable.

Louisa Choe, Analysis Analyst at Nansen mentioned:

“The NFT section of the cryptocurrency market is rising rapidly and dynamically and has carried out very effectively with retail buyers over the previous yr, with important progress within the first quarter of 2022. As extra artists, creators, builders and group members innovate with the NFT are market, we consider we are going to see a rebalancing of which sectors will turn into its drivers.”

Not solely did NFTs outperform the remainder of the cryptocurrency market in Q1, however they have been additionally “comparatively uncorrelated” with different crypto belongings.

Disclosure: On the time of writing this text, the writer of this text owned BTC, ETH and several other different cryptocurrencies.

Share this text

The data on this web site or info obtained by this web site is obtained from impartial sources which we consider to be correct and dependable, however Decentral Media, Inc. makes no representations or warranties as to the timeliness, completeness or accuracy of any info on or by this web site . Decentral Media, Inc. will not be an funding advisor. We don’t present customized funding recommendation or another monetary recommendation. Info on this web site is topic to vary with out discover. Some or all info on this web site could also be or turn into old-fashioned, incomplete or inaccurate. We’ve got the best, however not the duty, to replace any info that’s old-fashioned, incomplete or inaccurate.

You need to by no means make an funding choice about any ICO, IEO or another funding based mostly on the data on this web site, and you need to by no means interpret or in any other case depend on the data on this web site as funding recommendation. We strongly encourage you to seek the advice of a licensed funding advisor or different certified monetary skilled if you’re looking for funding recommendation on an ICO, IEO or another funding. We don’t settle for compensation in any type for evaluation or protection of ICO, IEO, cryptocurrency, forex, tokenized gross sales, securities or commodities.

See full phrases and situations.

NFT Specific: Your gateway to the world of NFTs

At Tatum, we have already made it tremendous simple to create your individual NFTs on a number of blockchains with out having to study Solidity or create your individual good contracts. Anybody can contribute…

Regardless of a shaky Ethereum, the NFT market is booming

After a breakout yr for the know-how in 2021, the NFT hype nonetheless holds. Ethereum NFT Market Roars Ethereum holders might have had a tough begin to 2022, however…

Minimal costs for high-quality NFT initiatives are falling

Reserve costs of the highest NFT collections are trending down, with notable collections like Bored Ape Yacht Membership falling nearly 30% within the final month. NFT Mania begins to…

Crypto market in free fall as Russia invades Ukraine

Over $200 billion in worth was worn out of the crypto market after Russia launched a full-scale navy assault on Ukraine this morning. The 2 largest cryptocurrencies Bitcoin…

, NFTs outperformed cryptos within the first quarter of 2022

, NFTs outperformed cryptos within the first quarter of 2022

Susbscibe Us To Recieve Our Latest News In Your Inbox!

We don’t spam! Read our privacy policy for more info.

LEAVE A REPLY

Please enter your comment!
Please enter your name here