Bitstarz Joker

Guesstimating Where We Are In The NFT Market Life Cycle

When I ask guests on my podcast (listen here – it’s amazing) about where they think the NFT market is today, they often answer that it is similar to the crypto market of 2012 and 2013. Because so many people have given me this answer, I wanted to dive into the data and give my own solid guesstimate.

Obviously the NFT market is very different from the crypto market: NFTs are privately traded assets while cryptocurrencies are publicly traded assets. However, I think the comparison holds some merit because NFT users have a heavy exposure to crypto. I also strongly believe that NFTs will gain more users, more quickly, than crypto. NFTs are often designed to be approachable and game-like, while cryptocurrencies operate on esoteric concepts, like “money” or “value,” which are harder for the masses to grasp.

It is extremely hard to determine the number of active NFT users, but a starting point could be the number of wallets on OpenSea. User numbers could be even more accurate if we looked at “active” wallet count, but unfortunately I was unable to find that statistic. According to Richard Chen, a partner at the venture capital firm 1confirmation, stated that roughly 18,500 wallets have traded on OpenSea. Read More...