• Total sales of NFTs increased by 67% YoY in 2022.
• A new report from on-chain analytics firm, DappRadar, reveals 101 million nonfungible tokens were sold in 2022.
• Ethereum, BNB Coin, Solana, and other DeFi altcoins continue to drive NFTs sales.
The growth of Non-Fungible Tokens (NFTs) in the blockchain space is nothing short of remarkable. NFTs are unique digital assets that provide ownership of digital items such as art, collectibles, and music. They are recorded on the blockchain, ensuring that the owner has full control of their asset. As the popularity of NFTs continue to rise, the total sales of NFTs in 2022 have skyrocketed by a whopping 67% YoY.
This surge in sales is revealed in a new report from on-chain analytics firm, DappRadar. According to the report, the total number of NFTs sold in 2022 was an impressive 101 million. This is a significant increase from the 61 million NFTs sold in 2021. This surge in sales is attributed to a number of factors, but the main driving force behind the growth of NFTs is the increasing popularity of DeFi altcoins such as Ethereum, BNB Coin, and Solana.
The DeFi ecosystem has become increasingly popular in the cryptocurrency space, and the rise of altcoins like Ethereum and BNB Coin has played a major role in driving the growth of NFTs. The DeFi ecosystem allows users to access a variety of financial services, such as lending, borrowing, and trading. This has made it easier for users to purchase and trade NFTs, as they are now more easily accessible. As the DeFi ecosystem continues to grow, it is expected that the demand for NFTs will increase even further as more people become aware of the potential of NFTs.
In addition to the DeFi ecosystem, NFTs have also been bolstered by the rise of Collectibles and Crypto art. Collectibles such as NBA Top Shot, CryptoKitties, and Decentraland have all become popular in the past year, offering users the opportunity to own digital assets. This has fuelled the demand for NFTs and has helped to drive the total sales of NFTs in 2022.
The growth of NFTs is also being fueled by the increasing availability of platforms and services that allow users to easily access and purchase NFTs. Platforms such as OpenSea, Rarible, and SuperRare have all made it easier for users to purchase and trade NFTs. Furthermore, the increasing number of projects and platforms that are launching NFTs has also helped to drive the growth of the NFT market.
As the NFT market continues to flourish, it is expected that the total sales of NFTs in 2022 will continue to rise. The DeFi ecosystem, Collectibles, and platforms that allow users to access and purchase NFTs have all contributed to the growth of the NFT market. As more people become aware of the potential of NFTs, the total sales of NFTs is expected to increase even further. The future of NFTs looks bright, and the total sales of NFTs in 2022 has already surpassed 2021’s figures, providing a strong indication of the potential of the NFT market.