NFT sales surge 67.57% in one year, generate billions in trading volume: Report

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  • The num­ber of non-fun­gi­ble tokens sold in 2022 reached 101 million.
  • The NFT mar­ket gen­er­at­ed $24.7 bil­lion in trad­ing vol­ume in 2022, a minor fall from $25.1 bil­lion in 2021.

The num­ber of Non-Fun­gi­ble Tokens [NFTs] sold in 2022 reached 101 mil­lion, a surge of 67.57% over the pre­vi­ous year. The results were released as part of a Dapp Radar report on blockchain and decen­tral­ized appli­ca­tion adop­tion in 2022.

As per the report, the Ethereum [ETH] ecosys­tem dom­i­nat­ed the NFT ecosys­tem, account­ing for 21% of the mar­ket and pro­cess­ing over 21.2 mil­lion trans­ac­tions. Wax [WAXP] (14.5 mil­lion), Poly­gon [MATIC] (13.3 mil­lion), and Solana [SOL] (12.9 mil­lion) fol­lowed suit.

Trans­ac­tion activ­i­ty in the Solana and ImmutableX ecosys­tems increased by 440% and 315%, respec­tive­ly, com­pared to 2021. Mean­while, the data showed no change in the Binance [BNB] ecosys­tem, with approx­i­mate­ly one mil­lion trans­ac­tions expect­ed in both 2021 and 2022.

With­in the last two years, the dom­i­nant cat­e­go­ry of dApps on var­i­ous chains shift­ed as well. DeFi apps dom­i­nat­ed all but two of the 13 chains in 2021. There was a sig­nif­i­cant shift toward gam­ing and NFT dApps in 2022.

Ethereum and Car­dano [ADA] remain the most active devel­op­ers, with 223 and 151 active pro­to­cols, respec­tive­ly. Mod­u­lar blockchains such as Polka­dot [DOT] and Cos­mos [ATOM] saw their net­work devel­op­er activ­i­ties rise by 16% and 131.7% respectively.

Source: Dapp Radar

NFT trades were worth $24.7 billion in 2022, down from 2021

Accord­ing to a pre­vi­ous Dapp Radar report, the NFT mar­ket gen­er­at­ed approx­i­mate­ly $24.7 bil­lion in organ­ic trad­ing vol­ume across blockchain plat­forms and mar­ket­places in 2022. This rep­re­sent­ed a slight decrease from the $25.1 bil­lion total record­ed in 2021.

The data excludes trades sus­pect­ed to be wash trades, or trades that have been manip­u­lat­ed in some way.

Source: Dapp Radar

2022 saw the trans­ac­tion of 101 mil­lion NFTs, com­pared to around 58.6 mil­lion NFT trans­ac­tions in 2021. In oth­er words, most of the NFTs were trad­ed at low­er USD val­ues due to falling NFT prices amidst a crum­bling cryp­to market.

NFTs have con­tin­ued to play an impor­tant role in the grow­ing Web3 indus­try. They have also ini­ti­at­ed a shift away from hype-based drops to util­i­ty-cen­tric projects with long-term value.

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