For Variety VIP+ subscribers: As crypto and NFTs turn the corner, what’s behind the reversal of bad fortune — and why it matters to media
An upturn in fortune is also demonstrated with data showing the number of unique NFT buyers purchasing via major marketplaces. On a quarterly basis, the total of distinctive purchasers using Ethereum reached new heights in March 2023, with 358,259 different buyers. This comes in just ahead of what was seen in March 2022 and December 2021 , suggesting the world’s most popular NFT marketplace is reflecting an uptick in consumerism.
Polygon also saw the number of buyers reach new heights in the first quarter. There were 157,855 different NFT buyers at the end of the first quarter in 2023, a 241% increase of 111,569 from the same period in 2022. Of the remainder of the five largest NFT marketplaces, BNB could also count more buyers than in the prior year, indicating NFTs are coming back to consumer consciousness.
Ethereum was far and away the biggest NFT marketplace in March 2023, with over half a billion in sales made worldwide. The next largest was Solana at $94 million, followed by Polygon and ImmutableX, the only other two to record more than $20 million in sales. NFTs are a marketplace dominated by .Eth.
When assessing cryptocurrencies, Bitcoin is substantially the largest coin on the market, followed by Ethereum, Tether, BNB and USD Coin. Bitcoin is worth more than the combined market cap of all other coins worth more than $5 billion, to give a sense of perspective. This also shows that the crypto winter should perhaps be considered the crypto frost, especially given there are signs that it is beginning to thaw. If it continues to do so, expect media and entertainment companies to quickly hop
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