Huobi NFT Monthly Report

（Mar.2023）

Summary of NFT market views in March：

1.Total Market Cap: The total market cap of NFT market has seen dramatic reduction from last month along with a visible decrease in the number of users; the total market cap now is valued at 20.4 billion dollars, slightly lower than that of 21.2 billion in February. The trading volume is around 1.5 billion dollars, which also significantly decreased.

2. Market Sentiment: monthly and average trading volume per capita has been higher compared to that in January and last December, but lower than that in February, indicating a polarization in the market.

• The Bitcoin NFT market has been on a boom;
• The NFT market on Polygon is winning over that of Ethereum.

3. Market Sentiment: monthly and average trading volume per capita has been higher compared to that in January and last December, but lower than that in February, indicating a polarization in the market.

4. A powerful rebound of Polygon NFT：Over 464,000 NFT projects are added this month on the NFT market, and 74.5% are from Polygon, far beyond that on Ethereum or others. Polygon has the largest number of newly minted NFTs, accounting for 60.5% of the whole, with an average of 672,000 being minted daily; newly minted NFTs on Ethereum and Solana add up to 1.749 million, merely 17.1% of the total, which is far below the average.

5. Blue-chip NFT：Although a polarization is happening on blue-chip NFTs, opportunities are feasible.

For the full version of the report, please view and download it from this link here.

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Huobi Blockchain Application Research Institute (referred to as “Huobi Research Institute”) was established in April 2016. Since March 2018, it has been committed to comprehensively expanding the research and exploration of various fields of blockchain. As the research object, the research goal is to accelerate the research and development of blockchain technology, promote the application of the blockchain industry, and promote the ecological optimization of the blockchain industry. The main research content includes industry trends, technology paths, application innovations in the blockchain field, Model exploration, etc. Based on the principles of public welfare, rigor and innovation, Huobi Research Institute will carry out extensive and in-depth cooperation with governments, enterprises, universities and other institutions through various forms to build a research platform covering the complete industrial chain of the blockchain. Industry professionals provide a solid theoretical basis and trend judgments to promote the healthy and sustainable development of the entire blockchain industry.