- NFTs, or non-fungible tokens, have played a critical role in the growth of the Web3 industry during the past 12 months.
- The Ethereum ecosystem dominates the NFT ecosystem with 21% of the market share and more than 21.2 million transactions completed.
- The importance of NFTs in the Web3 context became well-known last year.
Non-fungible tokens (NFTs) have been crucial to the development of the Web3 sector during the past year. NFTs sparked a shift toward utility-focused initiatives with long-term worth and away from hype-based drops.
According to a new DappRadar research on blockchain and decentralized application (DApp) growth in 2022, NFT sales hit 101 million last year, an increase of 67.57% from the year before.
In the NFT ecosystem, the Ethereum ecosystem dominates with 21% of the market share and more than 21.2 million executed transactions, claims the report. Wax (14.5 million), Polygon (13.3 million), and Solana are next in line (12.9 million).
With a 440% and a 315% rise in transaction activity from the prior year, respectively, the Solana and ImmutableX ecosystems also experienced tremendous growth. The data indicates that the BNB ecosystem has stayed the same, with around 1 million transactions in 2021 and 2022.
Over the past year, several chains’ top-performing DApp categories have also changed. All but two of the 13 chains analyzed in the paper have a predominance of decentralized finance (DeFi) apps in 2021. However, a significant shift toward high-risk, gaming and NFT DApps this year leveled the playing field.
Last year, the significance of NFTs in the Web3 environment spread into popular culture. From the continuous use of NFTs by established organizations like the NBA to Amazon’s creation of a documentary series about those who collect NFTs. China announced the launch of its first national NFT marketplace at the end of 2017 to act as a secondary market for the trading of digital assets.
According to DappRadar, OpenSea continued to be the top market for organic NFT deals, with over $297 million worth in December. Up from roughly $259 million in November, this amount. With the prospect of impending token incentives, Blur, a more recent rival, has encouraged NFT transactions, increasing its monthly revenue from roughly $115 million in November to almost $177 million in December.