25% of NFT owners have a collection of 51 or more: CoinGecko Report

Despite the crypto bear market in 2022, there wasn’t a significant decline in NFT adoption, according to the report.

Crypto data website CoinGecko has released survey findings indicating that most nonfungible token (NFT) holders own 51 or more NFTs. Those who only hold a single NFT comprised the smallest group among the respondents.

Published on April 6, the CoinGecko report examined 438 responses from Dec. 2022 to Jan. 2023 in conjunction with Blockchain Research Labs.

At least one in four NFT holders (26.5%) said they were “avid collectors” with 51 or more NFTs at the time of the survey. The report states this group likely represents people who are the most enthusiastic about NFTs. It noted:

“This suggests that people rarely stop participating in NFTs after their first one.”

It was closely followed by holders holding between two and five NFTs (17.6%), with those who hold just one NFT accounted for a mere 4.8%.

Almost four out of every 10 people surveyed (38.8%) acquired their first NFT during the first bull market of 2021. 

Despite 2022 seeing crypto enter a bear market, it still recorded the second-highest influx of new NFT collectors over the past five years, with just over 25% acquiring their first NFT during the year.

Meanwhile, only 2.9% acquired their first NFT in 2017, the same year Crypto Kitties and CryptoPunks were launched.

The report went on to state that NFT development might accelerate adoption in 2023, citing Bitcoin Ordinals and Stamps NFTs, as well as Blur overtaking OpenSea to become the top NFT marketplace.

Related: OpenSea advanced NFT marketplace sparks mixed community reactions

In recent news, OpenSea launched OpenSea Pro on April 5, an NFT marketplace aggregator aimed at serving the needs of professional users, which is a refined version of an NFT aggregator acquired by OpenSea in April 2022.

Magazine: NFT Creator, The Sarah Show: Analog childhood meets dizzying digital future