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Whales Take The Lead On NFTs
Moonstream analyzing the movement of non-fungible tokens over the past six months. This time period has been very significant in the growth of the NFT space and the report had some interesting findings. It found that over 80% of all non-fungible tokens are held by only 17% of wallets. Leaving less than 20% of NFTs for the rest of the market. NFT platforms, exchanges, and most importantly, whales, have been grabbing up non-fungible tokens at an increased rate over the past six months, putting them at an advantage over the rest of the market. This is mirroring the cryptocurrency market which shows similar figures for volume held by whales and smaller investors. Moonstream analyzed over 7 million NFTs transactions for the past six months on the Ethereum blockchain. This analysis led to the conclusion that the remaining 83.29% of the NFT market holds only a handful of it.Creating Room For Nuance
The data presented in the report included NFT platforms where investors buy and sell their NFTs. It is important to note that since these platforms also offer storage services, NFTs being stored on the platforms are factored into this. Small-time NFT investors could very well decide to leave their acquisitions on these platforms to enable them to sell easily, much like cryptocurrency investors leaving their assets on exchanges in order to move very quickly with the market.Related Reading | CryptoDragons: A Unique NFT Project With Entertainment and Earning Elements
Featured image from Forbes, chart from TradingView.com