Blockchain analytics firm Chainalysis’ latest report suggests that NFT activities have slowed down this year, with growth starting to pick up again since mid-April. The document also mentioned that increasing interest derived from retail investors, as shown in the increasing number of small-sized transfers, has not yet overridden the market share dominated by institutional investors.
The report mentioned that the total transaction volume bottomed on 13th March and soon bounced back up with the launch of Bored Ape Yacht Club’s metaverse project that attracted huge capital from institutional investors.
Specifically, whenever notable non fungible token projects came on the scene, the number of institutional transfers would skyrocket.
The report mentioned,
“During the week of October 31, 2021, institutional transfers made up 73% of all activity, largely due to the purchase of several NFTs in the Mutant Ape Yacht Club collection.”
Another key takeaway from the report is that non fungible tokens have continued to capture worldwide audiences, with no region making up over forty percent of the traffic volume. Notably, Central & Southern Asia has accounted for approximately twenty percent of the overall volume as of this year.
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