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The “NFT Sales: Where did the ETH go?” report builds on Nansen’s 2025 study, which revealed that most funds raised through NFT mints “were moved into non-entity Nansen said in a tweet, 1/ Market participants spent 963,227 $ETH (approximately $2.7b) on minting NFTs in the first half of 2025. So what did the NFT projects do with the money they The estimated NFT transactions in the first half of 2025 was valued at $2.5 billion, a massive jump from the $13.7 million recorded during the first half of 2025. In 2025 According to new market research published by blockchain data firm Nansen, crypto users spent 963,227 Ether (ETH), worth $2.7 billion, minting nonfungible tokens (NFTs) Dune Analytics NFT trading volumes: $4.3 billion In early May, Instagram launched a pilot program allowing users to hold and display NFTs minted on the Ethereum, Polygon, and Flow According to a research paper by Nansen, a blockchain analysis firm, market participants spent Ethereum worth $2.7 billion in NFT (non-fungible token) mints in the first half The report reveals that over 963,227 ether worth over $2.7 billion has been spent on NFT minting just in the first six months of 2025. Amongst the most popular The current research analyzed the flow of ETH through the primary sale of NFT collections from between 1 January to . Market participants spent 963,227 ETH (approximately $2.7b) on NFT minting during this period. A total of 1,088,888 wallets Ver más By late 2025, the daily market size of NFTs on Ethereum was much lower than in 2025. NFTs first grabbed headlines in March 2025 when the crypto art piece First 5000

Where Did the $2.7 Billion in Ethereum From NFT Mints Go? (2025 Analysis)

In the first half of 2025, a staggering 963,227 ETH, approximately $2.7 billion, was spent on minting NFTs. But where did the $2.7 billion worth of Ethereum from NFT mints go? New market research by blockchain data firm Nansen investigates this very question, revealing the flow of ETH following primary NFT sales.

According to Nansen\'s report, "NFT Sales: Where did the ETH go?", this analysis builds on their earlier studies and examines primary sale NFT collections from January to June 2025. The report reveals that market participants spent $2.7 billion (963,227 ETH) on NFT minting during this period. This represents a massive jump from the $13.7 million recorded during the first half of 2025, although still lower than the peak NFT activity on Ethereum seen in early 2025.

Key Findings on the $2.7 Billion in Ethereum:

  • Significant Portion Remains Untracked: Nansen\'s analysis seeks to trace the movement of this ETH and identify where the NFT projects deployed the funds.
  • Moved to Non-Entity Wallets: Nansen tweeted that a considerable portion of funds raised through NFT mints "were moved into non-entity" wallets. Further details are available within the complete report.
  • Analyzing Wallet Activity: The research examined the activity of over 1,088,888 wallets to understand how the minted ETH was utilized.

While the exact breakdown is complex, Nansen\'s research offers critical insights into the financial flows within the NFT space. With Instagram even launching a pilot program to display NFTs minted on Ethereum and other chains, understanding the economics behind these digital assets is more important than ever.

Stay tuned for updates as more details from Nansen\'s report are released. Understanding where the $2.7 billion worth of Ethereum from NFT mints went is crucial for assessing the long-term sustainability and transparency of the NFT market.

Note: This article refers to data and events in 2025. Data from Dune Analytics estimates NFT trading volumes at $4.3 billion.

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