The world of non-fungible tokens (NFTs) continues to grow at an accelerating pace. Various projects have proven to be successful in the long or short term. All top projects note strong growth in unique owners and most NFTs owned, which is a healthy sign.

Non-Fungible Tokens Gain More Popularity

There are different statistics to consider when gauging the overall impact of non-fungible tokens (NFTs) on the market. The overall sales volume – either directly or through secondary markets-  is often a strong indicator. Without sales volume, there is little or no interest in a project. However, it is equally challenging to retain that attention and fuel future growth. The scarcity factor of most NFT projects can be beneficial in that department. 

For most of the top NFT projects today, a limit of 10,00 unique non-fungible tokens seems to be a good limit. GOATz, CryptoPunks, DeadHeads, and Bored Ape Yacht Club are some of the projects sticking to this limit. Others go slightly above or below it, with a few exceptions that have their own agenda for issuing fewer or more NFTs. 

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BlocDesk Bored Ape Yacht Club Non-Fungible Tokens
Source: Dune Analytics

Whether 10,000 is a good limit or not remains a matter of debate. However, it creates a degree of scarcity, as 10,000 non-fungible tokens aren’t that much. It still leaves room for most investors and speculators to hold multiple NFTs within the same ecosystem, though. Additionally, non-fungible tokens now gain traction as collateral in DeFi, making these investments more appealing to those unfazed by the financial risk.

With a limit of 10,000, there is also a limit to how many unique owners there can be. For the Bored Ape Yacht Club, that number is still rising and now sits at 4,866. DeadHeads notes a status quo at 2.906, yet CryptoPunks keeps noting strong growth in new unique holders. Its secondary market sales are very active, which helps fuel this growth. Despite this growth, one person owns 281 Punks right now, which is a substantial amount.

The NFT Hoarding Continues

It is not uncommon to see NFT projects with one user controlling many available non-fungible tokens. For example, for ZED RUN, which has 11,756 NFTs, one user has 1.307 of the entire supply. That is more than 10% of this project’s NFTs controlled by one entity. Additionally, 11 addresses hold between 151 and 1,000 ZED RUN NFTs. A fascinating and somewhat skewed distribution curve.

BlocDesk ZED RUN
Source; Dune Analytics

A similar trend can be noted for RUG.WTF. It has a total of 10,000 different NFTs, yet one user owns 1,115 of them. Even so, the project notes 1,410 unique owners, indicating the distribution is still relatively fair. It is unclear why anyone would want to own so many NFTs for one project, as there is never a guarantee of selling them. 

Interestingly, there is a project called the Bored Ape Kennel Club. It has 4,165 unique owners and 9.602 non-fungible tokens to collect. The largest “whale” has 149 NFTs, indicating a very fair distribution, for the most part. This project issued a fee dog NFT to every Bored Ape Yacht Club member for free, and it seems most people have held on to those tokens.  With an average price of $1,061 per NFT, the market seems to be firing on all cylinders.