Despite the widespread bearishness over NFTs in recent months, there are still many reasons to believe that NFTs are here to stay. Our hallmark report, Q3 Market report, by the NFThailer team aims to depict a picture of continued growth in the NFT market. This data-led report will show that builders continue to launch new projects while first time buyers continue to purchase their NFTs at record rates. This article is part of a two-part series going into some of the key findings of the report.
On the builder side, founder enthusiasm continues to remain robust with 36,000 new NFT projects being launched in Q3 2022, an 18% rise from the 31,000 new projects recorded in the previous quarter.
It is important to note that just a year ago, only 4,908 new NFT projects were launched. In Q3 2022, 9 times as many projects were launched. This only shows that despite trading volumes plummeting, the continued positive uptick in new projects shows that builders are here to stay.
This continued strength is also reflected in the total number of NFTs minted, remaining steady at 34 million NFTs minted in Q3 2022 only a mere 0.04% decrease from the number of NFTs minted in Q2 2022. The positive trajectory of NFTs has continued to stay intact since Q3 2020.
On the buyer side, despite trading volume falling by 72%, in terms of the number of wallets buying NFTs, 1.4 million wallets had bought NFTs in Q3 2022, a record high and a 5% increase from Q2 2022. When segmenting this by new wallets, 830,000 new wallets purchased NFTs for the first time, the second highest in history and a 9% increase from Q2 2022.
While first-time buying wallets do not automatically translate to new users, the increase from Q2 to Q3 is still important, seeing as it comes off the back of an 11 percent decrease in first-time NFT-buying wallets from Q1 to Q2 2022 (860k to 760k).