NFT sales rise 67.57% in one year, produce billions in trading volume: Report

• The variety of non-fungible tokens offered in 2022 reached 101 million.
• The NFT market created $24.7 billion in trading volume in 2022, a small fall from $25.1 billion in 2021.

The variety of Non-Fungible Tokens [NFTs] offered in 2022 reached 101 million, a rise of 67.57% over the previous year. The outcomes were launched as part of a Dapp Radar report on blockchain and decentralized application adoption in 2022.

Based on the report, the Ethereum [ETH] environment controlled the NFT environment, representing 21% of the marketplace and processing over 21.2 million deals. Wax [WAXP] (14.5 million), Polygon [MATIC] (13.3 million), and Solana [SOL] (12.9 million) did the same.

Deal activity in the Solana and ImmutableX environments increased by 440% and 315%, respectively, compared to 2021. On the other hand, the information revealed no modification in the Binance [BNB] environment, with roughly one million deals anticipated in both 2021 and 2022.

Within the last 2 years, the dominant classification of dApps on numerous chains moved too. DeFi apps controlled all however 2 of the 13 chains in 2021. There was a substantial shift towards video gaming and NFT dApps in 2022.

Ethereum and Cardano [ADA] stay the most active designers, with 223 and 151 active procedures, respectively. Modular blockchains such as Polkadot [DOT] and Universe [ATOM] saw their network designer activities increase by 16% and 131.7% respectively.

NFT trades deserved $24.7 billion in 2022, below 2021

According to a previous Dapp Radar report, the NFT market created roughly $24.7 billion in natural trading volume throughout blockchain platforms and markets in 2022. This represented a small reduction from the $25.1 billion overall taped in 2021.

The information omits trades thought to be wash trades, or trades that have actually been controlled in some method.

2022 saw the deal of 101 million NFTs, compared to around 58.6 million NFT deals in 2021. To put it simply, the majority of the NFTs were traded at lower USD worths due to falling NFT costs in the middle of a collapsing crypto market.

NFTs have actually continued to play a crucial function in the growing Web3 market. They have actually likewise started a shift far from hype-based drops to utility-centric tasks with long-lasting worth.