A new report from DappRadar shows that NFT sales surpassed $101 million in 2022. A large number of the sales reveal that NFTs and Game-Fi dApps are rivaling decentralized finance on many blockchains. Are NFTs/Gaming the new wave of investment? Read on for more information.
How NFT sales are driving Web3
In 2022, even in the midst of the raging bear market, NFTs were a guiding light for web3. Last year NFT use cases were unlocked on web3 for various artists, creators and builders. Additionally, NFTs have moved away from hype-focused projects to long-term value-based efforts focused on public services for builders around the world. The latest statistics from DappRadar indicate that NFT sales have exceeded 101 million. This indicates an increase of 67.57% over the previous year (2021).
According to radardapp, the Ethereum network still holds the throne in the overall NFT ecosystem. Ethereum owns 21% of the total market share. This comes with around 21 million transactions processed. The Ethereum ecosystem is followed by Wax (14.5 million), Polygon (13.3 million) and Solana (12.9 million). The Immutable X and Solana blockchains have seen massive growth in terms of transactions compared to 2021. In particular, percentage jumps of more than 3 digits in Immutable X (441%) and Solana (315%).
Additionally, Binance Chain (BNB) sees an equal number of transactions between 2021 and 2022. The report also ranks Ethereum and Cardano as the blockchains with the most active developers working on the chain. The Ethereum network has ~223 active protocols at the time of writing, and the Cardano network has ~151 protocols. Other notable protocols and networks include Polkadot and Cosmos. Both are up 16% and 130% respectively.
In many ways, mass adoption is already here. With many changes to the digital megastructure taking place under the hood, web3 is catapulting into the mainstream. Although we are still early days, we are witnessing the growth of a decentralized world with each passing day. The influx of big brands and adoption by communities, cultures and even countries ensure a better and more powerful future for money, art and people.
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This article is educational material.
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