The price of Ethereum, BNB Coin, Solana and other DeFi altcoins continued this week. New data contained in a report from DappRadar reveals that more NFTs were sold in 2022 compared to the previous year.
DappRadar: NFT sales are up in 2022
In more good news for DeFi cryptocurrency platforms, sales of NFTs last year topped the sales figures from the previous year. A new report from on-chain analytics firm DappRadar reveals the extent to which NFTs are reshaping digital ownership in the 2020s.
101 million non-fungible tokens were sold in 2022. This was a staggering 67% increase over the number of NFTs sold in 2021.
These numbers greatly reveal the popularity and longevity of NFTs. Like Bitcoin and smart blockchains before them, critics of NFT in 2021 said the blockchain product was a passing fad. They said that most of these non-fungible tokens would eventually be worthless.
In addition, they said that the blockchain sector will eventually stop crafting new NFTs, and supply will collapse. Even with the crypto winter, production and units sold increased by the entire sector. They warned of a decrease in the volume of NFT sales.
It is therefore important to correct the perception that non-fungible token sales are fixed. Because NFTs had a few low months in 2022, but overall blockchain minted and sold more new NFTs in 2022 than in any year before that. Additionally, the year-over-year growth in non-fungible token sales was absolutely phenomenal in 2022.
Revenue from NFT sales declined in 2022, but not by much. The exchange of non-fungible items last year generated $24 billion in trade volume. In the previous year, NFTs traded to holders for $25 billion in sales proceeds.
Therefore, the market has hardly missed reaching the same sales volume as it had in the previous year in the depths of the cryptocurrency winter.
The biggest trading day by volume for NFTs in history was 2022. It happened on May 1, 2022, before the crypto winter got really bad but when all the prices were crashing for several months.
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