As the big NFT.NYC event in New York draws the (mostly) non-fungible fans, Sydney-based NFT gaming platform Balthazar released its latest NFT Marketplace update today.
And the overall takeaway could be interpreted like this… the bear market showed up at the party and asked everyone to turn the music down, but the show will go on, possibly bigger than before.
In fact, based on sales volume data through June 19, 2022, Balthazar predicts a 239% growth rate for 2022 (more than 3 times), ending the year with $48.43 billion in total sales.
“We are seeing a slowdown in NFT sales volume this year, and that is the case across the crypto market as a whole,” acknowledged John Stefanidis, co-founder and CEO of Balthazar, adding:
“However, if we look at NFT’s sales volume last year, 2022 has already surpassed that figure by nearly $10 billion, with $23.82 billion in sales this year across all four markets.”
Using data from DappRadar, the Balthazar report analyzes four major NFT markets based on trading volume: OpenSea, Magic Eden, LooksRare, and Solanart, as seen in 2022 forecasted sales volumes and sales volume charts monthly below…
Stefanidis said that while the weekly sales volume is trending lower (see below), with the average transaction size also decreasing, there are still positive signs that more people are getting involved in the NFT space. .
“The number of users and the number of transactions showed positive month-over-month growth from January to May this year,” the CEO said.
“NFT gaming in particular is progressing with more games being developed, more investment and activity from NFT holders and gamers. This will be the big winner in the crypto market this year.
Balthazar Research notes that the expected number of trades for June is 15.19 million, which will be the highest on record. To date, June has seen 9.62 million transactions across the four marketplaces and, according to Balthazar, is expected to see a 21% increase this month.
Perhaps the NFT.NYC event will help boost this activity…
Doodles Creates Buzz, Teams Up With Pharrell Williams, Gets VC Funding
This year’s NFT.NYC conference (June 20-23) is definitely taking place at a tough time in the market, but despite that, it’s quite possibly the biggest and busiest NFT event so far. day.
More than 15,000 attendees registered for the conference, up from around 5,000 last year when markets and the global economy were in a somewhat less precarious position.
A “blue chip” project, Doodles, seems to be making waves at the conference. Check out this queue to participate in her event announcing her new collection, Doodles 2…
— autopixel 🗽🚕♥️🐀🌭 (@autopixel) June 22, 2022
Doodles 2… coming soon. https://t.co/8gw3OeeQfs pic.twitter.com/c33BB0GLqP
— doodles (@doodles) June 22, 2022
And the other big Doodles-related announcements from the event are two-fold – a new high-profile “head of brand” and notable support from VC.
The event revealed that acclaimed American musician and producer Pharrell “Because I’m Happy” Williams is taking on the role of ambassador, while Alexis Ohanian’s venture capital firm Seven Seven Six (776) is running the first round of project funding.
— iridood (@iridood) June 22, 2022
Also speaking at the event via recorded message, NFT fan Ohanian said Seven Seven Six will be working with Doodles to “take all the work they’ve done so far and bring it to a another level, extend it even more”.