In its latest quarterly report, NonFungible.com highlights the decline in net profit on non-fungible token (NFT) sales. This survey also shows other interesting statistics such as the breakdown by sector or the interest in NFTs by country.
The NFT sector suffers from falling profits
NonFungible.com, the site specializing in the analysis of the non-fungible token market (NFT), unveils its latest quarterly report showing a significant drop in profit at the time of resale. The second quarter of this year, in fact, recorded more than 1.88 billion dollars in capital gains compared to 3.5 billion dollars in the first quarter, that is. a decrease of 46%.
The volume also follows a similar trend. After 10.7 billion dollars in the first three months of the year, a decrease of almost 25% brings the months from April to June to 8 billion volumes.
Other interesting data from the report also shows a 23% increase in loss-making sales. In parallel, the the duration of the conversation the mean also increased from 30.9 days to 47.9 days.
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An analysis by sectors
The analysis report also shows a breakdown by sectors. For example, the NFT collection, in particular represented by the Bored Apes Yatch Club (BAYC) or the CryptoPunks lead the way, with 330,909 active portfolios in the second quarter:
Figure 1: Number of active portfolios
In traded volume, this category is also far ahead, with almost $ 3.79 billion. In comparison, the metaverse sector, in second place, achieves a performance of 1.25 billion.
However, it will be interesting to note that while gaming records “only” $ 389 million in volume, it is the sector that multiple sales account. It represents more than a million, go head-to-head with the NFT collection. This shows a strong disparity in unit prices.
In terms of global interest in NFTs, Asian countries are clearly ahead according to Google Trend:
Figure 2: Ranking by country of the query “Non-fungible tokens” on Google Trends
The first European country comes only to 17th position and it’s Holland with an interest score of 35/100. This demonstrates the room for progress that can be made on the Old Continent.
Poor results to put into perspective
If the drop in earnings on NFT sales since Q1 and other negative data suggest the industry is doing badly, it’s worth it. take height. This is what the NonFungible report points out:
“However, if we take a step back, we see that interest has returned to the level of September 2021, which was considered the golden age of NFTs at the time. “
On the other hand, it is also shown strong centralization of this sector. The Yuga Labs study actually concentrates 30% of its sales volume with these various projects in the second quarter. The arrival of the Otherside metaverse was also a major player in this result, generating a net profit of over $ 300 million.
NonFungible clarifies that their analysis focuses on the ERC-721 standard NFTs, although this is set to evolve. Furthermore, only transactions from the Ethereum (ETH), Flow (FLOW) and Ronin (RON) networks are considered. However, it delivers a relevant overview of the health of this sector.
👉 Also in the news – An upcoming lawsuit for the Bored Ape Yacht Club (BAYC)?
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Source: not fungible
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