NFT Sales Increased Significantly in 2022: DappRadar Report

In the past few years, non-fungible tokens (NFTs) have continued to play a significant role in the rising Web3 industry. NFTs sparked a shift away from hype-driven drops, to utility-focused projects with long-term significance.

As per a new DappRadar analysis on blockchain and DApp adoption in 2022, the number of NFTs sold last year reached 101 million, a 67.57% rise from the previous year.

Reports added that the Ethereum ecosystem dominates the NFT ecosystem, accounting for 21% of the market and processing over 21.2 million transactions. It is trailed by Wax (14.5 million), Polygon (13.3 million), & Solana (12.9 million).

Furthermore, transaction activity in the Solana and ImmutableX ecosystems increased by 440% and 315%, respectively, over the previous year. Meanwhile, the data reveal no change in the BNB ecosystem, with approximately 1 million transactions for both 2021 and 2022.

The leading category of DApps on various chains has also altered in the last year. However, a significant shift toward high-risk, gaming and NFT DApps this year leveled the playing field.

Furthermore, Ethereum and Cardano were identified as blockchains with the most active developers working on-chain. Meanwhile, modular blockchains such as Polkadot and Cosmos saw network developer engagement increase by 16% and 131.7%, respectively.

Last year, the significance of NFTs in the Web3 sector extended into mainstream society. From the NBA's continuous adoption to Amazon's production of a documentary series about NFTs and individuals who collect them.

At the end of the year last year, China unveiled its first national NFT platform to act as a secondary market for the exchange of digital assets.

Also read: Crypto Lender Genesis Filed for Chapter 11 Bankruptcy Protection