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NFT sales surpassed 101 million in 2022: DappRadar report

Published on

January 20, 2023
Read Time:1 Minute, 42 Second

Over the previous 12 months, non-fungible tokens (NFTs) have continued to play an necessary position within the rising Web3 business. NFTs ushered in a shift away from hype-based drops to utility-centric initiatives with long-term worth.

A brand new DappRadar report on blockchain and decentralized software (DApp) adoption in 2022 discovered that the variety of NFT gross sales hit 101 million final 12 months -- a 67.57% year-on-year improve.

In keeping with the report, the Ethereum ecosystem takes the highest spot within the NFT ecosystem with 21% of the market share and over 21.2 million transactions processed. It's adopted by Wax (14.5 million), Polygon (13.3 million) and Solana (12.9 million).

Each the Solana and ImmutableX ecosystems noticed huge year-over-year development in transaction exercise, up 440% and 315%, respectively.

In the meantime, the info reveals no change within the BNB ecosystem with round 1 million transactions for 2021 and 2022.

The dominant class of DApps on totally different chains has additionally shifted within the final 12 months. In 2021, decentralized finance (DeFi) apps dominated on all however 2 of the 13 chains used within the report.

This 12 months, nevertheless, a serious shift in the direction of high-risk gaming and NFT DApps has leveled the taking part in discipline.

Associated: Opinion: NFTs have a brighter future on Instagram than on Twitter

Moreover, the report highlighted Ethereum and Cardano because the blockchains with essentially the most energetic builders engaged on the chain, with 223 and 151 energetic protocols, respectively.

Whereas modular blockchains like Polkadot and Cosmos grew their community developer exercise by 16% and 131.7%, respectively.

The significance of NFTs within the Web3 house additionally spilled over into mainstream tradition final 12 months. From the continued acquisition by legacy establishments just like the NBA to Amazon producing a documentary collection about NFTs and people who accumulate them.

Late final 12 months, China introduced its first nationwide NFT market, designed to function a secondary marketplace for digital asset exchanges.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 20, 2023
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