The incredible enthusiasm for NFTs led to tremendous growth of the NFT industry in 2021. The early days of 2022 mark a new era for NFTs, with many changes to the market.
Are we facing a bubble on the verge of bursting? Are the NFTs markets holding up despite the tense geopolitical situation surrounding the war in Ukraine?
The Q1 Quarterly Report 2022 presents the first detailed figures on the reality of NFTs markets.
This quarter, we had the chance to interview Shaban Shaame, a pioneer of Blockchain Gaming since 2014, who shares his vision and thoughts on the state of the industry.

Collectibles are the predominant segment in the industry, far ahead of Art or even the Metaverses.

The general public seems to be losing interest in NFTs, if the search volume on Google is to be believed.

For the first time, some segments show a negative balance: Gaming shows a total loss of almost $50 million on the segment, which makes it the least profitable segment of the industry from a trading point of view.

The resale profit volume is down 3% while the total loss volume is up nearly 50% compared to the previous quarter.

Q1 Report 2022

With nearly $8 billion traded in the first quarter of 2022, the market cannot really be considered to have collapsed. We are seeing more of a form of stabilization, in line with the last quarter of 2021.
Conversely, the volume of sales fell by nearly 50%, with a very marked slowdown in the volume of buyers and sellers.
The great novelty of this quarter is undoubtedly the evolution of profitability in the markets. Making a profit in NFTs is no longer so easy in 2022...

Quarterly NFT Market Report

Every year since 2018, NonFungible.com publishes “Yearly NFT Market Report” which remains to date the most in-depth and comprehensive piece of research about the NFT Industry.

These reports are designed for curious newcomers as well as experienced investors.

Collectibles is probably the segment that is running out of steam in favor of Metaverses and Blockchain Gaming.

With over $5 billion in profit recorded in NFT trading, speculation is an integral part of this market. But this is a more complex activity than it seems...

Markets gradually became saturated with the issuance of millions of new NFTs. How have the markets reacted to this unbridled multiplication of assets?

The market boomed to over $15 billion for nearly 2 million active wallets.

Yearly Report 2021

"NFT" was declared word of the year 2021. This is not surprising given the exponential growth of the industry. Between unprecedented opportunities, excessive speculation and new economic models: where are we?

The 200 pages, 70 metrics and 15 interviews of this report have been designed to give you the most complete and up-to-date overview of the different facets of the NFT industry.



Yearly NFT Market Report

Data doesn’t lie, at NonFungible we analyze it and make the complex simple and freely accessible for everyone.

Our Q3 Report looks into Non-Fungible Token trends on the Ethereum chain. We use our data to provide an in depth analysis of the market backed with charts and analytics.

Q3 of 2021 broke the $billion threshold by a long way, with almost $6 billion traded on the Ethereum blockchain alone. All indicators continue to show an upwards trend, with the number of wallets in use of both buyers and sellers increasing significantly.

Record USD volume for NFT sales

Unsurprisingly, the collectibles segment generated the most USD volume this quarter, undoubtedly stemming from PFP hype but also from the continual increase in the price of CryptoPunks and Bored Ape Yacht Club.

Market Distribution

Q3 Report 2021

The recent growth of the NFT industry has been almost unbelievable. In just a few short months, the $billion-dollar mark has been crossed in traded NFTs, followed by $billion per quarter and only then to be surpassed by $billion per month.

The market we see evolving today is a market that is growing at an exponential rate, with unprecedented liquidity but it is also even more of a speculative and volatile market than ever before.

The current market growth dictates that all investors and NFT stakeholders should pay extra attention as Triple-digit growth goes hand in hand with market instability, unrealistic expectations and potential disappointments.

Data doesn’t lie. At NonFungible we analyze it and make the complex simple and freely accessible for everyone.

The NFT Market has been in full craze mode since the start of the year. We have witnessed multi-million-dollar sales almost every week with new projects announced each day, copycats are being created from copycats.

There are numerous NFT projects, with dozens of new promising ones popping up everyday. Sometimes, because of misleading marketing campaigns or inflated market volumes, it may be complicated to truly identify what is a promising project and what is not.

You have probably read on a lot of related websites that you should “DYOR” or “Do Your Own Research” before purchasing any asset, but where should you start and what is the right criteria? This section is intended to help you drive forward your own due diligence before investing into any NFT project or purchasing an asset.

As the NFT ecosystem is already extremely broad, from Art to Gaming and Metaverses, the due diligence process is necessarily different depending on the particular asset type.

What to check before buying an NFT?

As mentioned earlier, the objective of our work in this report is to help everyone gain autonomy in their analysis of the NFT Markets, with the right tools and the necessary knowledge.

Before going into further detail in this section, we must return to the assumption which is at the origin of our research work: "There is Wash Trading in the NFT Market". In order to validate this hypothesis and to succeed in quantifying Wash Trading, it is first necessary to identify in what form this Wash Trading takes place, how to recognize it and what reasonable doubts lead us to consider this or that transaction is an illegitimate one.

Is there wash trading in NFT markets?

Good Practices guide

We have always done our best to help the NFT industry remain as healthy and transparent as possible. In recent years, we have published several articles* on the risks and abuses within the ecosystem** in an effort to raise awareness among the various stakeholders. This year, we have decided to go even further and publish a comprehensive report which covers the good practices of Due Diligence in Wash Trading.

The purpose behind this report can be divided into five objectives:<ol><li>To make the NFT world a healthier place for everyone.</li><li>Bring further transparency and honesty to the booming NFT Markets.</li><li>Reduce the volume of suspicious transactions.</li><li>Ensure the long-term sustainability of this market.</li><li>Promote individual responsibility, i.e: Do Your Own Research “DYOR”, Due Diligence, community whistleblowing etc...</li></ol>

Data doesn’t lie. At NonFungible we analyze it and make the complex simple and freely accessible for everyone.

Our Q2 Report looks into Non-Fungible Token trends on the Ethereum chain. We use our data to provide an in depth analysis of the market backed with charts and analytics.

Whether compared to last year or the previous quarter, more dollars have been traded, the number of buyers and sellers have increased, and the number of active weekly wallets has increased. This trend is part of a strong growth for both the NFTs sector and the crypto sector since September 2020.

All indicators are green

Despite the USD volume being lower than at the beginning of the quarter, the sales volume saw a sharp increase. The collectible segment largely dominates the market in this quarter. The explosion in USD volume in May was mainly due to the launch of larvalabs’ Meebits project.

Out of all the sectors, the utility sector is the one that has evolved the most over the last three months. As these NFT use cases are not very widespread, we carefully consider this signal could become a trend.

Q2 Report 2021

During this turbulent quarter, the NFTs sector experienced a massive activity spike as new users joined the NFT community for the first time. These last three months, we have seen the mainstream media place NFTs on a pedestal, giving the industry excellent visibility, but also encouraging ink to flow, giving rise to new artists and projects.

Free Quarterly NFT Market Report

On Friday, June 10th we experienced a data loss and are still in the process of recovery. Due to this event some asset images and details may be missing or out of date. Category and global statistics may also be out of date. We appologize for any inconvenience and thank you for your patience. We are working to resolve these issues and will have everything running normally soon.


<p>NFT aggregators gather listings from multiple marketplaces and platforms in one place. This provides buyers with a simplified interface to compare prices and acquire NFTs from different sources. Relevant tools as the market becomes more and more fragmented (OpenSea, LooksRare, X2Y2, NFTX).&nbsp;</p>



<p>We will briefly present the 3 main aggregators: Genie.xyz, Gem.xyz and Blur.io.</p>



<h2>Genie.xyz</h2>



<p>Launched in November 2021, <a href="https://www.genie.xyz/" target="_blank" rel="noreferrer noopener">Genie</a> allows NFT collectors to purchase up to 60 NFTs at a time on multiple marketplaces in a single transaction. Depending on the size of the transaction, buyers can potentially save hundreds of dollars in gas fees compared to purchasing each NFT individually.</p>



<p>Genie displays listings from all major marketplaces: OpenSea, LooksRare, X2Y2, NFT20 and NFTX. In fact, Genie aggregates all the NFTs listed on these marketplaces. If an NFT collection is not indexed, users can enter the collection&#8217;s contract address in the search bar. Genie will take approximately 1-2 minutes to index the collection.</p>



<div class="wp-block-image"><figure class="aligncenter size-full"><img loading="lazy" width="756" height="312" src="http://100.96.1.66:3001/app/uploads/2022/06/moonbird.png" alt="moonbird" class="wp-image-23434" srcset="http://100.96.1.66:3001/app/uploads/2022/06/moonbird.png 756w, http://100.96.1.66:3001/app/uploads/2022/06/moonbird-300x124.png 300w" sizes="(max-width: 756px) 100vw, 756px" /></figure></div>



<p>Genie allows you to create a shopping list and purchase NFTs in batches. Collectors can quickly purchase multiple NFTs at the same time, a practice known as &#8220;sweeping the floor&#8221;. The Genie team recommends that users purchase a maximum of 20 NFTs in a single swap.</p>



<div class="wp-block-image"><figure class="aligncenter size-full"><img loading="lazy" width="288" height="297" src="http://100.96.1.66:3001/app/uploads/2022/06/aggregator-bag.png" alt="aggregator bag" class="wp-image-23432"/></figure></div>



<p>Genie also allows sellers to maximize the exposure of their listings by listing on both OpenSea and LooksRare at the same time.</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" width="1024" height="131" src="http://100.96.1.66:3001/app/uploads/2022/06/select-marketplace-1024x131.png" alt="select marketplace" class="wp-image-23430" srcset="http://100.96.1.66:3001/app/uploads/2022/06/select-marketplace-1024x131.png 1024w, http://100.96.1.66:3001/app/uploads/2022/06/select-marketplace-300x38.png 300w, http://100.96.1.66:3001/app/uploads/2022/06/select-marketplace-768x98.png 768w, http://100.96.1.66:3001/app/uploads/2022/06/select-marketplace.png 1070w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure></div>



<p>On June 21, 2022, <a href="https://uniswap.org/blog/genie" target="_blank" rel="noreferrer noopener">Uniswap Labs announced that it acquired the aggregator Genie</a>.:</p>



<p><em>«&nbsp;We see NFTs as another format for value in the growing digital economy—not a separate ecosystem from ERC20s, and they’re already an important gateway to web3.&nbsp;»</em></p>



<p>Decentralized exchange (DEX) Uniswap plans to add a new tab dedicated to NFTs on its main site later this year. DEX will also integrate NFTs into its developers&#8217; APIs and widgets.</p>



<p>In order to share some of the value with Genie&#8217;s long-time users, Uniswap will perform an airdrop in stablecoin USDC. People who have used Genie at least twice before April 15, 2022 will be eligible.</p>



<h2>Gem.xyz</h2>



<p>It&#8217;s hard to talk about an aggregator without mentioning <a href="https://www.gem.xyz/" target="_blank" rel="noreferrer noopener">Gem.xyz</a>. They are building a NFT aggregator « giving you A to XYZ access to the entire NFT market. ». The aggregator allows you to:</p>



<ul><li>Buy multiple NFTs in a single transaction</li><li>Sweep the collection floor</li><li>Pay with any token (or multiple ones)</li><li>save tons gas compared to buying on the marketplaces directly</li></ul>



<p>Loopifyyy, creator of <a href="https://www.treeverse.net/" target="_blank" rel="noreferrer noopener">Treeverse</a>, <a href="https://twitter.com/Loopifyyy/status/1518622884805152770" target="_blank" rel="noreferrer noopener">explained on Twitter</a> the difference between Genie and Gem:</p>



<p><em>«&nbsp;The difference between gem and genie is actually miniscule if you think about it and now that opensea will most likely ruin some features (like blocking out looksRare or something) …</em></p>



<p>At the end of April, OpenSea acquired Gem in order to strengthen its position and offer new features. Devin Finzer, co-founder and CEO of OpenSea, said:</p>



<p><em>«&nbsp;OpenSea has acquired Gem to invest in pro experience. As the NFT community grows, we’ve recognized a need to better serve more experienced, pro users, and offer more flexibility and choice to people at every level of experience.&nbsp;»</em></p>



<p>Gem will continue to operate as an independent company while developing its platform and adding more features, and then some of these features will be gradually integrated into OpenSea.</p>



<h2>Blur.io</h2>



<p><a href="https://blur.io/" target="_blank" rel="noreferrer noopener">Blur</a> is an NFT marketplace for pro traders. Their marketplace empowers traders with real-time liquidity across multiple marketplaces, live data feeds, and comprehensive analytics. Users can execute orders and bulk orders.</p>



<p>According to Blur, <a href="https://mirror.xyz/blurdao.eth/4V0dY_-ob5rBxl664deMASnH2wRsgcrGS20lpdurBa0" target="_blank" rel="noreferrer noopener">other NFT tools are very often focused on retail traders</a> and neglect the needs of professional traders. </p>



<p>&#8220;Our mission is to solve these problems and bring the NFT space to an institutional level while increasing decentralization.&#8221;</p>



<p>By March 28, Blur had raised $11 million in a seed funding round led by Paradigm. According to Blur, the round also saw participation from Egirl Capital, Keyboard Monkey, Ledgerstatus, 0xmaki, Santiago Santos, Zeneca, Deeze, and Andy (Fractional).</p>



<p>After the acquisitions of Gem by OpenSea and Genie by Uniswap, the Blur platform now stands out for its independence.</p>



<h2>An indispensable tool for advanced trader</h2>



<p>The NFT marketplace aggregator tools haven’t been around for very long:Gem and Genie were both launched in January 2022. Despite this,these new players quickly became successful.</p>



<p>With the fragmentation of the markets after the launch of the new platforms <a href="https://looksrare.org/" target="_blank" rel="noreferrer noopener">LooksRare</a>, <a href="https://x2y2.io/" target="_blank" rel="noreferrer noopener">X2Y2</a>, and many others, there quickly became a need for a service targeted towards advanced collectors looking for an easier way to make bulk purchases. These tools quickly became indispensable for the advanced collector and the industry leaders quickly understood this by acquiring the two main players.</p>



<p>Nifty Gateway has recently moved towards aggregating other marketplaces and Rarible has started to do the same. We will also see how new players such as Blur, which claims to be a tool for professionals, is able to make a place for itself in the sun.</p>


There are many marketplaces where you can buy your NFTs. Aggregators allow you to buy many NFT at once from different marketplaces.

Three most popular NFT Marketplace Aggregators


<p>In May 2022, <a href="https://www.christies.com/en/lot/lot-6369482" target="_blank" rel="noreferrer noopener">Christie’s sold “Living Architecture: Casa Batlló” by Refik Anadol</a> for USD 1,380,000. It is the first live dynamic and generative NFT of its kind using environmental data gathered in real-time from sensors placed around Gaudi’s infamous Barcelona building. </p>



<p>Dozens of digital artists that are just beginning their journey have had their breakthroughs with the help of NFTs as well. Take Fvckrender, who specializes in colorful geometric-architectural art. The 1,970 NFTs he produced of his &#8220;rewiring the brain&#8221; piece sold for an average of $4,541 each, making him one of the most successful NFT artists. </p>



<p>Photographers are also exploring the opportunities offered by crypto even if they’re not always trading in their original mediums. Smithsonian-featured artist Trey Ratcliff who also runs the world’s #1 travel photography blog in the world released an NFT-edition of Beautiful Cities of the World which comprises a selection of 50 images. But here’s the beauty of crypto: there’s no need to have an established name to succeed. </p>



<p>Ghozali’s Everyday collection is made of 933 self-portraits that Ghozalo of himself between ages 18 and 22 for a school video. He then decided to turn them into NFTs on the OpenSea market. The collection was launched in January 2022 at $3 – however the floor price quickly reached $3000 apiece.&nbsp;</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" width="1024" height="576" src="http://100.96.1.66:3001/app/uploads/2022/06/refik-anadol-1024x576.jpg" alt="refik anadol" class="wp-image-23286" srcset="http://100.96.1.66:3001/app/uploads/2022/06/refik-anadol-1024x576.jpg 1024w, http://100.96.1.66:3001/app/uploads/2022/06/refik-anadol-300x169.jpg 300w, http://100.96.1.66:3001/app/uploads/2022/06/refik-anadol-768x432.jpg 768w, http://100.96.1.66:3001/app/uploads/2022/06/refik-anadol.jpg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption><em>“Living Architecture: Casa Batlló” by Refik Anadol – live in Barcelona</em></figcaption></figure></div>



<h2>.ART and the NFT artists community</h2>



<p>Lately the community of <a href="https://art.art/?utm_source=Nonfungible&amp;utm_medium=blog&amp;utm_campaign=crypto+initiatives+incl+Verisart" target="_blank" rel="noreferrer noopener">.ART</a>, the fastest growing domain for creatives that recently celebrated its five-year anniversary, has been joined by hundreds of projects and artists working with crypto and exploring the opportunities offered by web3. Among them are NFT marketplaces such as&nbsp;<a href="https://async.art/" target="_blank" rel="noreferrer noopener">async.art</a>&nbsp;and&nbsp;<a href="https://meta.art/" target="_blank" rel="noreferrer noopener">meta.art</a>, liquidity pool&nbsp;<a href="https://all.art/" target="_blank" rel="noreferrer noopener">all.art</a>, the collaborative community with integrated blockchain option&nbsp;<a href="https://dada.art/home" target="_blank" rel="noreferrer noopener">dada.art</a> and digital artists like&nbsp;<a href="https://xcopy.art/" target="_blank" rel="noreferrer noopener">xcopy.art</a>&nbsp;and Pak, who has an ongoing project on&nbsp;<a href="https://burn.art/" target="_blank" rel="noreferrer noopener">burn.art</a>. It is also home to <a href="https://nonfungible.com/news/art/art-domains-snark-art-interview" target="_blank" rel="noreferrer noopener">snark.art and og.art</a>, which are offering artists a platform that bridges a gap between traditional and crypto art markets.&nbsp;</p>



<p>The evolution of digital services that artists receive from .ART has been fast. You can use .ART as a domain name – to showcase your crypto-related project or NFT collection with a clearly identifiable website name. Moreover, you can use the same domain as a memorable crypto currency wallet address for receiving multiple currencies, tokens or NFTs – thanks to the possibility of <a href="https://art.art/blog/art-blockchain-wallets-giving-crypto-a-creative-touch-how-to-register-your-art-name-on-ethereum-name-service?utm_source=Nonfungible&amp;utm_medium=blog&amp;utm_campaign=crypto+initiatives+incl+Verisart" target="_blank" rel="noreferrer noopener">integrating it with Ethereum Name Service (ENS)</a>.&nbsp;</p>



<h2>Certificate your artwork with .ART Digital Twin</h2>



<p>Back in 2019 .ART presented its Digital Twin product at Apsara Conference, organized annually by the Alibaba Group. With <a href="https://ip.art/certstore/?utm_source=Nonfungible&amp;utm_medium=blog&amp;utm_campaign=crypto+initiatives+incl+Verisart" target="_blank" rel="noreferrer noopener">.ART Digital Twin</a> you can create a secure digital certificate of authenticity for your artwork, store information about it and monetize it by using a built-in, no-coding NFT minting solution. </p>



<p>Leveraging the easy-to-understand technology of domain names and using an international standard for describing cultural objects developed by the J. Paul Getty Trust, Digital Twin by .ART provides a sophisticated but intuitive art object identification tool. The product is currently in its beta version and is being tailored towards the needs of the creative community.&nbsp;</p>



<h2>Partnership with Verisart</h2>



<p>Timed to coincide with NFT.NYC, the premier annual NFT conference, .ART has also teamed up with Verisart, a leading web3 platform where creators mint, sell and connect. Now, <a href="https://verisart.com/" target="_blank" rel="noreferrer noopener">Verisart</a> is among the handful of approved apps available in the Shopify NFT Beta Program, which enables Shopify merchants to sell NFTs through a Shopify storefront and accept payment with Shopify Payments. </p>



<p>The no-code solution app enables eligible Shopify Plus merchants to easily mint and sell NFTs through their own storefronts and supports different blockchains, collector rewards and minting 1/1s or 10k drops on Ethereum and Polygon. Customers can claim their purchased NFTs from a personalized dashboard in the merchant’s store.&nbsp;.ART’s community will receive a <a href="https://go.verisart.com/artxverisart/" target="_blank" rel="noreferrer noopener">25% discount</a> on any plan for the Verisart Shopify App and can apply for Shopify’s NFT Beta Program.&nbsp;</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><a href="https://go.verisart.com/artxverisart/"><img loading="lazy" width="1024" height="597" src="http://100.96.1.66:3001/app/uploads/2022/06/shopify-doat-art-nft-1024x597.jpg" alt="shopify dot art nft" class="wp-image-23288" srcset="http://100.96.1.66:3001/app/uploads/2022/06/shopify-doat-art-nft-1024x597.jpg 1024w, http://100.96.1.66:3001/app/uploads/2022/06/shopify-doat-art-nft-300x175.jpg 300w, http://100.96.1.66:3001/app/uploads/2022/06/shopify-doat-art-nft-768x448.jpg 768w, http://100.96.1.66:3001/app/uploads/2022/06/shopify-doat-art-nft.jpg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure></div>



<h2>Supporting more creators in their Web3 journey</h2>



<p>“.ART has essentially been built on ideas and strategies that were novel to the domain community.” Said Ulvi Kasimov, Founder of .ART Domains. “As we continue to innovate and conceptualize new products, we are also thrilled to be able to partner with like-minded companies like Verisart that strive to democratize the art market and already have solutions in place to facilitate that.”</p>



<p>Robert Norton, CEO and co-founder of Verisart, adds: “We are committed to empowering creators with the technology they need to thrive. Our Shopify App makes it easier than ever for merchants to control how their NFTs are sold. By working with the .ART community, we aim to support more creators in their web3 journey.”&nbsp;</p>



<p>All in all, venturing into the unknown crypto world can seem quite intimidating. However, doing so with the help of well-established platform such as Shopify, in tandem with art community oriented companies such as Verisart and .ART Domains, is a little less of a challenge – perhaps, it can even be an adventure.&nbsp;</p>



<p><strong>Get 50% OFF on all .ART domains and launch your journey into crypto. Use promo code VERISXART on </strong><a href="https://get.art/en?utm_source=Nonfungible&amp;utm_medium=blog&amp;utm_campaign=crypto+initiatives+incl+Verisart" target="_blank" rel="noreferrer noopener"><strong>get.art</strong></a><strong> or check with your registrar.&nbsp;</strong></p>



<p class="has-vivid-red-color has-text-color">Disclaimer: This is a sponsored article. No content or article should be considered as financial advice. We strongly recommend you to conduct due diligence and always do your own research before investing in a project.        </p>


While the crypto market might be facing some turbulence, the trust being placed by the creative community into NFTs and other Blockchain solutions is still on the rise. 

.ART Domains continue to empower its community by linking it to the world of crypto with a new partnership


<p>With the NFT market in a correction, individuals quickly point to Tulipmania as an example of what is happening to the markets. But can we really compare the current NFT market trend with Tulipmania? What actually happened then? And how the NFT market can learn from this historical event? Let’s go back in time &amp; dive in!&nbsp;</p>



<h2>The NFT Market: What’s been happening in the NFT Market?</h2>



<p>The first six months of 2022 have been tumultuous for the NFT market. They could easily mark the beginning of a defining period in the market’s development. Prices for well-known NFTs are dropping back to their floor prices, while panic grips investors and the market moves out of bull territory into a bear market. What investors do now will determine the future stability and longevity of the market.</p>



<p>As it stands, the volume of both buyers and sellers has dramatically decreased over the past month. Investors are becoming more cautious, and major projects have lost a significant amount of value. Still, there does seem to be a solid foundation of buyers and sellers who have remained active and are ensuring that the market continues to move forward despite the setback.&nbsp;</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" width="1024" height="576" src="http://100.96.1.66:3001/app/uploads/2022/06/169-Weekly-stats-number-of-sales-169-1024x576.jpg" alt="Weekly stats number of sales" class="wp-image-23279" srcset="http://100.96.1.66:3001/app/uploads/2022/06/169-Weekly-stats-number-of-sales-169-1024x576.jpg 1024w, http://100.96.1.66:3001/app/uploads/2022/06/169-Weekly-stats-number-of-sales-169-300x169.jpg 300w, http://100.96.1.66:3001/app/uploads/2022/06/169-Weekly-stats-number-of-sales-169-768x432.jpg 768w, http://100.96.1.66:3001/app/uploads/2022/06/169-Weekly-stats-number-of-sales-169-1536x864.jpg 1536w, http://100.96.1.66:3001/app/uploads/2022/06/169-Weekly-stats-number-of-sales-169.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption><a href="https://nonfungible.com/market-tracker" target="_blank" rel="noreferrer noopener"><em>NFT Weekly Sales from 09/05/22 to 30/09/22 &#8211; NonFungible.com</em></a></figcaption></figure></div>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" width="1024" height="576" src="http://100.96.1.66:3001/app/uploads/2022/06/169-Weekly-stats-buyers-vs-sellers-169-1024x576.jpg" alt="Weekly stats buyers vs sellers" class="wp-image-23277" srcset="http://100.96.1.66:3001/app/uploads/2022/06/169-Weekly-stats-buyers-vs-sellers-169-1024x576.jpg 1024w, http://100.96.1.66:3001/app/uploads/2022/06/169-Weekly-stats-buyers-vs-sellers-169-300x169.jpg 300w, http://100.96.1.66:3001/app/uploads/2022/06/169-Weekly-stats-buyers-vs-sellers-169-768x432.jpg 768w, http://100.96.1.66:3001/app/uploads/2022/06/169-Weekly-stats-buyers-vs-sellers-169-1536x864.jpg 1536w, http://100.96.1.66:3001/app/uploads/2022/06/169-Weekly-stats-buyers-vs-sellers-169.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption><a href="https://nonfungible.com/market-tracker" target="_blank" rel="noreferrer noopener"><em>5/23 Buyers vs. Sellers &#8211; NonFungible.com</em></a><em>&nbsp;</em></figcaption></figure></div>



<p>Some economists are <a href="https://medium.com/crypto-unchained/is-nft-art-the-next-tulip-mania-ed7e6b33e5f4" target="_blank" rel="noreferrer noopener">comparing the current NFT market trends with Tulipmania</a>. What is Tulipmania? What does this mean for the market? Let’s dive into the popular myths surrounding Tulipmania, to understand what actually happened, and how it actually compares favorably to the current state of the market.&nbsp;</p>



<h2>The story behind Tulipmania</h2>



<p><em>“&#8230;the idea that tulipmania caused a big depression is completely untrue. As far as I can see, it caused no real effect on the economy whatsoever.” &#8211; </em>says Anne Goldgar, professor of early modern history at King’s College London<em> </em>and author of the book<em> ‘</em><a href="https://www.jstor.org/stable/10.1353/ren.2008.0091" target="_blank" rel="noreferrer noopener"><em>Tulipmania: Money, Honor and Knowledge in the Dutch Golden Age</em></a><em>’, in an </em><a href="https://www.history.com/news/tulip-mania-financial-crash-holland" target="_blank" rel="noreferrer noopener"><em>article for History.com</em></a><em>)</em></p>



<p><a href="https://www.discoverholland.com/best-of-holland/26/tulips" target="_blank" rel="noreferrer noopener">Tulips were first introduced to The Netherlands in the 15th century from the Ottoman Empire</a>. The beautiful flowers enchanted the Dutch populace, quickly becoming a popular status symbol for wealthy members of the Dutch Elite. The flowers themselves were short-lived, but their bulbs, which would return yearly, made it easy for the elite to trade and grow their collection of exotic flowers.</p>



<p>Rapidly, industries began to develop around the flowers. Horticulturalists would work to create new and unique tulips and trade these rare bulbs to wealthy investors. As the flowers became more popular, prices for these rare flowers rose, and individuals were swept up in speculation over the value of these bulbs.&nbsp;</p>



<p>‘Tulipmania’, is a term coined by Scottish author Charles MacKay in his piece: <a href="https://en.wikipedia.org/wiki/Extraordinary_Popular_Delusions_and_the_Madness_of_Crowds#:~:text=Extraordinary%20Popular%20Delusions%20and%20the%20Madness%20of%20Crowds%20is%20an,Memoirs%20of%20Extraordinary%20Popular%20Delusions." target="_blank" rel="noreferrer noopener"><em>Memoirs of Extraordinary Popular Delusions and the Madness of Crowds</em></a><em>. </em>Published 205 years after the incident in question, Mackay’s piece told of people rising from rags to riches, only to have their wealth stripped away as the entire Dutch economy collapsed. He wrote of a sailor who, mistaking a rare bulb for an onion, ate it for lunch. Upon discovering his mistake, he claims that the man was charged with a felony and thrown in prison.&nbsp;</p>



<p>The only problem is that none of this happened.</p>



<p>Historian &amp; author Anne Goldgar spent years scouring through records from the time period in search of any sign that Tulipmania had resulted in any economic downturn or resulted in its investors being left destitute as MacKay claimed.</p>



<h2>So what really happened in the Dutch tulip market?</h2>



<p>&nbsp;As with many novel products that become popular quickly, the market reaches saturation as sellers attempt to capitalize. Farmers who may have only been able to get their hands on a few bulbs due to their price, would turn around and cultivate the flowers en masse. As more flowers entered the market, the excessive prices that a select few of the wealthy were paying for the tulips became unsustainable and a market correction took place. This resulted in tulips returning to their true market value, and it was no longer possible to buy or sell tulips for the exorbitant prices they’d been at previously.&nbsp;</p>



<p>Fortunately, nearly all of the investors who had purchased the flowers were wealthy, and the loss of the flower’s value did little to affect their bottom line. Goldgar has found no evidence of anyone who was left bankrupt as a result of the market crash. Instead, it was a rush on an exotic luxury that caused the prices to temporarily break out of their actual market value with a limited, if any, impact on the overall Dutch economy.&nbsp;</p>



<p>This, of course, does not stop economists from utilizing this as an example of brief speculations resulting in economic downturns. Whether or not the event happened, it does make for a compelling cautionary tale regarding the risks of investing in a new product heavily.&nbsp;</p>



<h2>Tulipmania and NFTs: lessons learned?&nbsp;</h2>



<p>So instead, let’s take a look at what happened <em>after </em>the Tulip market crashed when horticulturalists and investors were forced to rethink their market strategy.<em> </em>Looking back to 1637, even after the Tulips lost a majority of their short-term value, the flowers themselves never went out of style. Instead, they built a far more stable economy surrounding their love of flowers.</p>



<p><a href="https://www.gulfagriculture.com/the-netherlands-is-the-largest-player-on-the-floriculture-export-market-cooperation-in-horticulture-between-the-uae-and-the-netherlands/" target="_blank" rel="noreferrer noopener">Currently, the Netherlands produces 68% of the flowers sold worldwide, and their flower markets make up 10% of their GDP</a>. The cost of flowers has remained far lower than during the time of the initial rush, but because of this lower price, has managed to boom into an industry that is stable and a safe investment for investors of all backgrounds.&nbsp;</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" width="1024" height="679" src="http://100.96.1.66:3001/app/uploads/2022/06/key-financial-figure-1024x679.jpg" alt="key financial figure" class="wp-image-23272" srcset="http://100.96.1.66:3001/app/uploads/2022/06/key-financial-figure-1024x679.jpg 1024w, http://100.96.1.66:3001/app/uploads/2022/06/key-financial-figure-300x199.jpg 300w, http://100.96.1.66:3001/app/uploads/2022/06/key-financial-figure-768x509.jpg 768w, http://100.96.1.66:3001/app/uploads/2022/06/key-financial-figure.jpg 1240w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption><em>Img. Key Financial Figures </em><a href="https://view.publitas.com/cfreport/rfh-annual-report-2021/page/9" target="_blank" rel="noreferrer noopener">Royal Flora Holland 2021 Report&nbsp;</a></figcaption></figure></div>



<p>Though a return to the previous market value of NFTs might seem to be catastrophic to those hoping to make quick money off of the sales of NFTs, for the majority of investors it is an opportunity to ensure the long-term sustainability of the market. Returning NFTs closer to their floor price, it allows for new projects and smaller investors to join the market without the fear of losing large sums of their income.&nbsp;</p>



<h2>Lower Prices Bring More Investors</h2>



<p>Ultimately, expanding the pool of investors and creating an industry that is not built entirely upon speculation and a desire to make quick, short-term deals to make large sums of money quickly, will result in more market stability overall. Crypto and NFTs in turn, have been seen as something only a niche collection of investors and artists are willing to take a risk on. It’s exciting and it might lead to some individuals earning massive sums of money, but the model is unsustainable.&nbsp;</p>



<p>Ultimately the goal of any industry, whether you’re selling Tulips or NFTs, should be to create a market that remains as reliably lucrative as possible for its investors. Creating a sustainable industry with long-term goals for investors of all backgrounds will create an environment that is conducive to expansion. This new environment will create room for artists to experiment and small-time investors to invest in projects without as much risk of massive financial loss. Providing these opportunities and stability will increase the number of artists and investors and do wonders to boost the markets&#8217; credibility as a whole.</p>


With the NFT market in a correction, individuals point to Tulipmania as an example of what could be happening. But can we really compare the current NFT market trend with Tulipmania?

Are NFTs the new Tulipmania?

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