NFT Q1’22 Market Rundown

Key Insights

• The first quarter of 2022 saw a record-high $10 billion in secondary sales volume.
• Ethereum still dominates the NFT secondary market with ~84% of the NFT secondary volume or $8.5 billion in sales throughout Q1’22
• Immutable X reported $70 million in NFT volume over the past 60 days, predominantly from GaryVee’s new NFT project.
• Static NFTs (PFPs, art, and collectibles) still account for the majority of the total NFT market capitalization.

While NFT market daily volumes have dropped in recent weeks, the first quarter of 2022 recorded $10 billion in secondary sales volume, a record high. The top six NFT platforms were responsible for 98% of the volume (from blockchains tracked on CryptoSlam).