A recent report from Moonstream, published on October 21st, has discovered that NFT ‘Whales’ hold more than 80% of NFTs on Ethereum. 16.71% of wallets, of people who are known as whales, are said to own 80.98% of the NFTs on the most popular blockchain in the space.
A large portion of the Ethereum NFT market is currently dominated by ‘whales’
About NFT Whales
NFT whales are those in the space with a large amount of capital to splurge on any NFTs they want. This is a small percentage of people. Most are still at the stage where they can’t afford some of the most popular projects like Cryptopunks or Bored Ape Yacht Club. Comparatively, these so-called ‘whales’ may be able to afford several NFTs from these blue-chip projects. In addition to this, the other time you may have heard of whales in NFTs may be Weird Whales. This was a project created by a 12-year-old and it has since been extremely successful.
What do These Statistics Mean?
This is a very clear imbalance between those with a large amount to spend, versus those with a lot less to spend. Although despite this, having big names in the space is positive, as they can share it with their audiences. However, this small amount controlling over 80% of the NFTs leaves the remaining 83.29% of holders to share a meagre 19.02% of tokens.
The market however is still open for most. At mints, for example, most projects are keeping the mint price at around 0.1 ETH. This is currently $402 as we’re currently experiencing a crypto bull run, particularly for Ethereum and Bitcoin.
Currently, according to the study, the vast majority of its participants are small-time purchasers who likely make their purchases manually. And over time, the number of whales holding projects in the NFT space will alter. This will allow for more non-whales to get their foot in the door of the ever-growing NFT market.
