NFTs Surge in Popularity as 2021 Transaction Activity Increases by 67.57%
• The DappRadar report revealed that the NFT sale count in 2022 was 101 million — a 67.57% increase from 2021.
• Ethereum held the top spot in the NFT ecosystem, with 21% of the market share and over 21.2 million transactions processed.
• Both the Solana and ImmutableX ecosystems saw massive growth from the previous year in terms of transaction activity.
Over the past year, the demand for non-fungible tokens (NFTs) has skyrocketed across the blockchain industry. According to a recent report from DappRadar, NFT and gaming-centered decentralized applications (DApps) saw a surge in popularity and rivaled DeFi DApps on many major blockchains.
The report revealed that NFT sale count in 2022 was 101 million — a 67.57% increase from 2021. This is indicative of the large growth and interest that NFTs have seen over the past year. This growth goes beyond the hype-based drops of the past, and instead focuses on utility-centric projects with long-term value.
The Ethereum ecosystem held 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). Both the Solana and ImmutableX ecosystems saw massive growth from the previous year in terms of transaction activity, with a 440% and 315% increase, respectively. Meanwhile, the data shows no change in the BNB ecosystem, with roughly 1 million transactions for both 2021 and 2022.
The report further revealed that the NFT sector is growing in other ways as well. The average NFT sale price nearly doubled from 2021 to 2022, reaching $5.56 per transaction. The average NFT sale size also rose from $4.38 in 2021 to $5.54 in 2022.
The report is a testament to the immense potential of NFTs and their role in the Web3 industry. NFTs have already established themselves as an integral part of the blockchain industry, and the report suggests that they are here to stay. With more projects and initiatives focused on NFTs, the sector is likely to continue growing in the coming years.