Over the past year, non-fungible tokens, often referred to as NFTs, have maintained their position as an integral part of the expanding Web3 economy.
The introduction of NFTs marked the beginning of a shift away from hype-based drops and toward utility-centric programs with long-term value.
According to a recent estimate published by DappRadar on blockchain technology and the use of decentralized applications (DApps) in 2022, the number of NFTs sold in 2018 reached 101 million, an increase of 67.57% compared to the last year.
According to the findings of the study, the Ethereum ecosystem now ranks first in the NFT ecosystem. It currently controls 21% market share and has successfully completed over 21.2 million transactions.
Next in line is Wax, with 14.5 million, then Polygon, with 13.3 million, and finally Solana (12.9 million).
Compared to the previous year, the volume of transactions in the Solana and ImmutableX ecosystems exploded, increasing by 440% and 315% respectively. Neither environment is showing signs of slowing down any time soon.
The stats, meanwhile, suggest that the BNB ecosystem hasn’t changed at all, with around 1 million transactions recorded for 2021 and 2022.
Over the past year, there has been a movement in the DApp category which is dominating in a number of channels.
By 2021, decentralized finance (DeFi) applications had established themselves as the industry standard on all but two of the 13 chains considered for this article.
This year, however, a significant move toward high-risk, gaming, and non-fungible token decentralized applications (DApps) has leveled the playing field.
Additionally, the survey identified Ethereum and Cardano as the blockchains with the most active developers working on the chain, with 223 and 151 active protocols respectively for each of these two blockchains. While modular blockchains like Polkadot and Cosmos saw their network developer activity increase by 16% and 131.7% respectively over the same period.
In 2018, the importance of NFTs in the Web3 domain not only spread into the general culture, but they also did so in a big way.
The National Basketball Association (NBA) is one of the legacy organizations that continued to accept NFTs, and now Amazon is producing a documentary series about those who collect NFTs.
In December of the previous year, China made an announcement about the launch of its first national NFT marketplace. This market is intended to serve as a secondary market for trading digital assets.