A recent report from DappRadar on blockchain and decentralized application (DApp) adoption revealed that non-fungibles did do mighty fine in the past year despite all the scams, scandals, crashes, and drama… How well are we talking? Well, I’ll outright say it, NFT sales in 2022 exceeded $101 Million. This is a 67.57% increase from 2021! Not too shabby in the least. Let’s learn more details!
Basically, over the last year, the importance of NFTs was recognized in mainstream culture, and the tokens played an important role in the flourishing Web3 industry. Furthermore, what was once defined by mere hype-based drops became successful projects and blue chips with long-term value dedicated to bringing valuable utility to owners.
Not to mention the play-to-earn revolution of 2022! Web3 games were all the hype. From Axie Infinity to Wolf Game to Battle of Guardians. The platform was CROWDED! It’s safe to say that gaming-centered decentralized applications played a major role in the numbers we saw in the report on NFT sales in 2022! So, let’s dive in!
Report On NFT Sales In 2022
According to the report, in terms of NFT sales in 2022, the Ethereum ecosystem holds the top spot. Unsurprisingly so! Basically, it holds 21% of the market share. Not to mention that there are over 21.2 million transactions processed on their end.
Next in line are Wax ($14.5 million), Polygon ($13.3 million), and Solana ($12.9 million). It’s worth noting that both Solana and ImmutableX underwent impressive growth from the previous year in terms of transaction activity, with a 440% and 315% increase, respectively.
However, the Binance ecosystem did not undergo any increase or decrease. Data shows that it roughly has 1 million transactions for both the years 2021 and 2022. But, I can safely say that remaining stable in this volatile environment is in and of itself impressive!
Moreover, the report on NFT Sales in 2022 emphasized that Ethereum and Cardano are the blockchains with the most active developers working on-chain, with 223 and 151 active protocols, respectively. While modular blockchains, such as Polkadot and Cosmos, saw their network developer activity grow by 16% and 131.7%.
We can all a hundred percent safely agree that 2022 was the worst year in crypto history since it came into existence. And yet, NFTs had a 67.57% increase in this particularly unpredictable and intense year.
Moreover, we can confirm the growing popularity and mainstream acceptance of NFTs as a digital asset class. The numbers and stats from NFT Sales in 2022 speak for themselves, really. So, can we finally dull down the hate regarding these digital assets? Can we finally agree that NFTs won’t ‘die’ anytime soon? We can dare to dream…
For a full run-down of the major NFT news in 2022, feel free to check our inclusive recap! Stay tuned for all the news regarding NFTs and Web3!