• CoinGecko released a report indicating that most nonfungible token (NFT) holders own 51 or more NFTs.
• 38.8% of people surveyed acquired their first NFT during the first bull market of 2021.
• NFT development may accelerate adoption in 2023, with platforms such as Bitcoin Ordinals, Stamps NFTs and Blur overtaking OpenSea to become the top NFT marketplace.
CoinGecko Report on Non-Fungible Token Adoption
The survey conducted by CoinGecko and Blockchain Research Labs revealed that 26.5% of respondents were avid collectors with 51 or more NFTs at the time of the survey, while 17.6% held between two and five NFTs and 4.8% held just one single NFT. Additionally, 38.8% acquired their first NFT during the 2021 bull market, whereas only 2.9% acquired their first one in 2017 when Crypto Kitties and CryptoPunks were launched.
Impact of Bear Market on Adoption Rates
Despite crypto entering a bear market in 2022, there wasn’t a significant decline in overall NFT adoption according to the report’s findings. This could be attributed to new users entering the space due to increased awareness around the potential applications for digital artworks, collectibles and gaming assets represented by these tokens .
Acceleration of Adoption In 2023OpenSea Pro Launch
In April 5th OpenSea launched OpenSea Pro , an advanced version of an existing aggregator which provides high level tools for experienced traders looking for deeper insights into trends within this industry . This could potentially lead to higher liquidity across different markets as well as more efficient price discovery mechanisms over time .