Trending

Forkast.News is now Forkast Labs

Trends Driving NFTs Growth

Part of our special research report

State of the NFT Market | Q1 2022

In partnership with CryptoSlam

SIGN UP TO GET THE FULL REPORT

Avatars accounted for most of the growth in the NFT space in 2021, but diverse use cases are starting to emerge.

More niche products are also emerging, including fractionalized property ownership, and DeFi products made specifically for the NFT ecosystem are expected to grow this year.

Such developments were discussed in detail during interviews with Charles d’Haussy, managing director, Asia-Pacific, ConsenSys; Helen Hai, head of NFT and fan token at Binance; and Audrey Ou, co-founder and CEO of NFT art platform TRLab. Condensed versions of these interviews are found in this report.

bored apesmutant bored apesazuki 2meebitCrypto Punk OPENSEA1 copy
Bored Ape Yacht ClubMutant Ape Yacht ClubAzukiMeebitsCryptoPunks
What is it?10,000 Bored Ape NFTs programmatically generated from over 170 possible traitsUp to 20,000 Mutant Apes NFTs (spin-off from Bored Ape Yacht Club)10,000 manga-style avatars; Azuki aims to be identities for The Garden metaverse20,000 unique
3D voxel characters; Snoop Dogg is a high profile owner		10,000 uniquely generated characters; one of the earliest
examples of NFTs
Launched dateApril 2021August 2021January 2022May 2021June 2017
BlockchainEthereumEthereumEthereumEthereumEthereum
Created byYuga LabsYuga LabsChiru LabsLarva LabsLarva Labs
2022 Sales VolumeUS$421.3
million		US$343.3 millionUS$367.4 millionUS$48.6
million		US$216.1 million
Floor priceBAYC:
97 ETH		MAYC:
21.8 ETH		Azuki:
12 ETH		Meebits:
6.1 ETH		CryptoPunks:
71.94 ETH
Discord Community146,620146,62087,89554,45354,453
Data taken March 1, 2022. Source: CryptoSlam, 2022 sales volume refers to estimates for January and February
Images: opensea.io, azuki.com/gallery, meebits.larvalabs.com, larvalabs.com/cryptopunks

special research report: State of the NFT Market

table of contents

Introduction
Executive summary
The NFT Market By the Numbers
Blockchains and NFTs
The Rise and Rise of NFTs | Interview: Charles d’Haussy
NFT Avatars — A New Identity
Trends Driving NFTs Growth
Trends Within the Trend | Interview: Helen Hai
Asia Primed for NFT Growth
Getting Creative | Interview with Audrey Ou
Metaverse Set to Boost NFTs
The Metaverse Conquest | Interview: Sébastien Borget

NFTs Behind the Pictures | Interview: Reeve Collins
The Boost From Blockchain Gaming
NFT Marketplace Competition Heats Up
NFT Marketplace Rivals’ Arrival | Interview: Zach Burks
New Investors and Investments
NFT Hacks and Scams
Regulations on the Radar
Decoupling of NFTs from Cryptocurrencies
Challenges to Address

Sign up to get the full report