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Despite the overall transaction volume seen in NFT in the previous year, the sector's total growth lacks consistency.

The report stated that the NFT transaction volume has been happening sporadically and has been experiencing a downturn since February. The Non-fungible token sector has since experienced a brief comeback as of the middle of April, which is probably a result of the hype surrounding Moonbirds and the Bored Ape Yacht Club’s metaverse project Otherside.

Related Post:Report forecast NFT industry to move around $800B in two years

Despite the short time inconsistency in its transaction volume, the sector has accumulated many participants reaching 950,000 unique addresses that are trading NFT in the first quarter of 2022.

As of Sunday, the second quarter of the year, 491,000 addresses have traded NFT, strengthening the number of participants partaking in the NFT industry.

After carrying out a thorough analysis of the web traffic of various NFT platforms, Chain analysis discovered that residents of different countries of the world are taking part in the NFT sector, with Central and Southern Asia having the most participants and North America and Western Europe closely following them.

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Rising understanding of Crypto in Europe

Virtual currency is gaining traction in the United Kingdom, with 33% of the country's residents reportedly engaged in crypto transactions before. The figure has reportedly risen by 4% in just six months, and 44% of Netherlands citizens have transacted with crypto, making the nation the leader, followed by the United Kingdom.

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The figure is from a bi-annual survey performed by Qualtric for the popular crypto exchange, Coinbase. The survey discovered that 61% of Britons who already have cryptocurrency aim to add to their positions within a year, up from 54% in October 2021.

About one-third of this group are planning to increase their position by purchasing more of the coins they hold, while 23% are willing to purchase another asset other than the current one.

This probably reflects the "tribalism" in the cryptocurrency sector noted by Ripple's CEO in April. Many bitcoin holders are planning to stick to the coin only while tagging other virtual coins fundamentally different or useless.

Bitcoin and Ether remain the commonly invested coins, with 75% of investors holding Bitcoin while 52% are currently investing in Ethereum. Interestingly, Dogecoin sits at the third spot with 34%, while Binance came fourth with 34%.

Other European nations showed lower overall crypto investment, with the United Kingdom (26%) leading Spain (25%), Italy (25%), Germany (24%), and France (17% ).

Related Post:SHIB is the most-googled crypto in the UK - Reports

According to CoinTelegraph, "recent survey work shows that the adoption trend may continue, with many expressing desires to enhance the size and variety of their holdings."