Art, gaming NFTs perform poorly, Metaverse NFTs propel growth in Q1: Nansen

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The Non-fungible token (NFT) According to a new report by blockchain analytics firm Nansen, the market grew significantly in the first quarter of 2022, surpassing the cryptocurrency market. The report highlights the rapid growth of the NFT market and forecasts a market capitalization of $ 80 million by 2025.

Nansen has launched five indexes to track which NFTs are the best investment for NFT collectors and traders. These include Blue Chip-10 (top 10 NFTs that can be held as long-term investments), Social-100 (top 100 social NFTs), Game-50 (top 50 game NFTs), and Art-20 (top 20 arts). NFT), and Metaverse-20 (the top 20 NFTs in the Metaverse).

Blue chip NFTs are classified as the most popular NFTs by market capitalization and have the lowest volatility. Some of the Blue Chip NFTs are OpenSea chart top collections such as Azuki, Clone X and Doodles. In particular, these NFTs are considered excellent long-term investments due to their track record of growth and value.

Art NFT is the most volatile and poorly performing segment of the NFT market. Nansen classifies land and real estate NFTs, avatars and utility NFTs into the Metaverse segment.

The report highlights that the Blue Chip-10 index returned 42.4% growth and the Metaverse-20 index grew 129.4% in the first quarter. The Gaming-50 Index is the poorest performing NFT sector, recording a 24.4% decline. This was primarily facilitated by the Play-to-Earn and role-playing game NFTs.

Traditional gamers are hesitant to adopt NFTs and are not afraid to express their opinions as they do with Ubisoft. The Social-100 index has returned a 49.9% increase year-to-date. On the other hand, the Art-20 index showed a 5.5% decline, mainly due to the decline in the price of generative art NFTs.

According to the Nansen 2022 Quarterly Report, the NFT market outperforms the broader cryptocurrency market since the beginning of the year, as evidenced by the 49.9% increase in the price of the NFT-500 index so far in 2022. increase. The NFT500 index is the overall NFT. index.

The report noted that the NFT market was unaffected by the revisions seen throughout the crypto market since February last year, but that downward trend appeared to have reversed last month: NFT-500 3 It surged 5.9% a month.

“NFTs represent a segment of the fast-growing and dynamic cryptocurrency market, especially for private investors, but for NFT market participants looking to collect, trade or invest in NFTs. It is imperative to understand the situation in the highly competitive NFT market, “the company added.

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