HomeNFTThe performance of the NFT market during Q2 2022

The performance of the NFT market during Q2 2022

On-chain data analytics firm, Nansen, has released a report on the performance of the NFT market during Q2 2022

To study its performance, Nansen divided the sector into six indices, consisting of a well-diversified basket of NFT collections

All performances are denominated in ETH, the currency used as the benchmark for the entire study. 

The performance of Nansen’s NFT indices.

The construction of the indices is based on several metrics and methodologies explained on the appropriate web page. They cover all NFTs that live on the Ethereum blockchain, and their weights are calculated based on the market capitalization of the collection, which is updated every seven days

Top-performing NFT collections

As can be seen from the table above, the Blue Chip-10 index is the best performing. Despite the strong bear market phase affecting both the cryptocurrency and NFT markets, this clearly signifies that investors are returning to invest in the most solid and quality collections.

The Blue Chip-10 recorded a positive performance of 17.9% in June alone while marking a growth of 23.6% over the past year. The annual time horizon refers to YTD (Year to Date), which is, therefore, from June 2021 to the end of June 2022. 

In addition, in a recent index update, the Chromie Squiggle collection was added, and Meebits was reintroduced. 

Outliers are recorded by NFTs related to art and gaming but in opposite directions. Art-20 showed the largest recovery in June, up 33.1%. All Non-Fungible Tokens that are part of the “Generative Art” category account for 92% of the market capitalization of this index. 

On the opposite side, however, is the NFT area dedicated to gaming. The Game-50 is the worst performing, registering a loss of 59.6% over the past year. Apparently, after a strong boom, investors are losing interest in this sector, which nonetheless continues to represent a sizable slice of the market. 

The figure appears divergent from what was revealed by The Sandbox, which despite the bear market, continues to record strong activity in its metaverse.

Eliano Martellucci
Eliano Martellucci
Eliano has a bachelor's degree in Economics and Business Administration and is about to complete his master's studies in Finance at the University of Trento (UNITN). He got hooked on the crypto and blockchain world during the summer of 2017 and has not left it since then. He currently works as editor & SEO specialist at Cryptonomist, writes articles and invests, both in Blue Chip and early stage assets. Furthermore, he is working on his latest thesis project entitled: "A Study on crypto market Sentiment Analysis through Machine Learning algorithms in python."