- Nansen data suggests the possibility of a bottom in the NFT bear market.
- Ethereum NFTs minted in June 2023 reflected a 48% increase from the previous month.
- May 2023 marked the lowest Ethereum NFT mints have been since June 2021.
Information from Nansen, the blockchain data and research platform, suggests the possibility of a bottom in the NFT bear market. In a tweed report, Nansen showed that 752 Ethereum NFTs were minted in June 2023, reflecting a 48% increase from the previous month. May 2023 marked the lowest Ethereum NFT mints have been since June 2021.
Out of the 752 Ethereum NFTs minted in June, Nansen data shows that 58% are in profit while 39% of them are valued less than their mint price. The remaining 7% no longer exists.
Nansen’s June data on Ethereum NFTs reflects a bullish market in sharp contrast to what has been for the past two years. Most of the Ethereum NFTs from that period are no longer traded, showing the impact of the bear market on the crypto industry.
June’s Ethereum NFTs minting upsurge is akin to a bullish candle that marks a change in market direction. It suggests a reversal in investors’ sentiment in the industry, perhaps marking a turnaround for that class of digital assets.
September 2022 marks the month of the highest number of Ethereum NFTs minted in the past 36 months. In that month, nearly 3,000 NFTs were minted on the platform. However, at the time of Nansen’s report, over 90% of the minted NFTs were dead.
January 2023 recorded the highest number of Ethereum NFTs minted this year, with over 2,500 NFTs. The end result is similar to September and all the other months since the beginning of 2021.
The change of direction observed in June 2023 attracts significant attention to the NFT sector. Growing numbers of NFTs and their increased sustainability show that NFT investors are more confident. The results of the next few months would show whether the trend is indeed changing or whether June 2023 is just an outlier.
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