The Nansen Report highlights that the market for Crypto and NFTs is expected to grow from $2.6 billion in 2017 to $35.4 billion by 2021, with a compound annual growth rate of 113%. This will be driven mainly by blockchain games but also other applications such as collectibles, digital art, virtual goods trading platforms and more.,

The “Nansen Report Highlights Massive Growth for Crypto & NFTs in 2021” is a report that was published by the Nansen Institute. The report highlights how crypto and NFTs will grow in 2021.

Nansen Report Highlights Massive Growth for Crypto & NFTs in 2021

Despite its ups and downs, as well as the occasional pandemonium, the year 2021 was a standout for the blockchain. Nansen, a blockchain analytics platform, has produced the first of its complete yearly reports to show this via the lens of facts and data.

Nansen uses information from over 100 million wallets throughout the globe to analyze crucial blockchain data across a number of major blockchains in order to spot market patterns and depict general trends. The data is then loaded into the company’s cutting-edge Smart Money program, which enables customers to trade utilizing the most up-to-date information.

Nansen Crypto Report

Nansen drew attention to a few crucial elements in his in-depth examination. As a result, Total Value Locked (TVL) ranked Ethereum as the most popular chain, with Uniswap as its most popular application. However, the year 2021 witnessed the emergence of proof-of-stake chains, which were created to address concerns like scalability, security, and decentralization. As a consequence, Polygon received 300 percent of Ethereum’s traffic while paying just 0.05 percent of the costs. The number of active wallets on Binance Smart Chain, on the other hand, was the greatest.

DeFi saw significant growth in the previous year, boosting coverage by a huge 1120 percent, and is expected to continue this trend into the new year. NFTs also acquired a lot of popularity, with over 4.6 million ETH in total sales volume, transforming the non-fungible token from a niche item to a blockchain powerhouse, with over 1.2 million unique wallets participating in NFT minting throughout the time.

Nansen Crypto Report

DAOs also grew in popularity in 2021, with ConstitutionDAO contributing the most, garnering an astonishing $47 million from 17,000 members. Finally, play-to-earn gaming developed a reputation for itself, with Axie Infinity emerging as the standout performer, raking in $1.3 billion in yearly revenue.

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The “Nansen Report Highlights Massive Growth for Crypto & NFTs in 2021” is a report that predicts massive growth for crypto and NFTs in the future. The report also includes some interesting statistics about how many people are using these new technologies. Reference: nansen wallet labels.

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