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 not changed, 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, this year, a significant shift toward high-risk gaming and NFT DApps leveled the playing field.
With 223 and 151 active protocols, Ethereum and Cardano were named as the blockchains with the most active developers operating on-chain in the research.
While the network development activity on modular blockchains like Polkadot and Cosmos increased by 16% and 131.7%, respectively.
Last year, the significance of NFTs in the Web3 environment has spread into popular culture. From the continuous use of NFTs by established organizations like the NBA and FIFA 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.