• NFT sales topped 101 million in 2022 according to a recent report from DappRadar.
• Ethereum holds the top spot in the NFT ecosystem with 21% of the market share and over 21.2 million transactions.
• Wax, Polygon and Solana also had significant growth in terms of transaction activity with 14.5 million, 13.3 million and 12.9 million transactions, respectively.
Non-fungible tokens (NFTs) have been a significant part of the Web3 industry over the last year, with a shift away from hype-based drops to utility-centric projects with long-term value. This growing trend is evident in a new DappRadar report on blockchain and decentralized application (DApp) adoption in 2022, which revealed that the NFT sale count last year reached 101 million — a 67.57% increase from the previous year.
The Ethereum ecosystem holds the top spot in the NFT ecosystem, with 21% of the market share and over 21.2 million transactions processed. It is followed by Wax (14.5 million), Polygon (13.3 million) and Solana (12.9 million). These platforms have seen significant growth in terms of transaction activity, with Solana and ImmutableX seeing 440% and 315% increases, respectively. Meanwhile, the data shows no major change in the BNB ecosystem with roughly 1 million transactions for both 2021 and 2022.
NFTs have provided a novel way of monetizing digital assets, and the growth of the NFT market in 2022 is a testament to this. With the increased accessibility of decentralized applications, more users are able to explore the world of NFTs. The report also shows that the NFT market is continuing to expand, with new projects and platforms emerging to facilitate the buying and selling of digital assets.
Moreover, the report also reveals that the DeFi DApps on major blockchains were rivaled by NFT and gaming-centered DApps in terms of total transaction count. This is indicative of the increasing popularity of the NFT industry and its potential to bring value to the Web3 economy.
As the NFT market continues to expand, it is important to note that the sector is still in its infancy and is developing quickly. Despite the challenges, NFTs provide an exciting opportunity for users and developers to explore new ways of monetizing digital assets, and the growth of the NFT market in 2022 is a testament to this.