In 2022, total NFT sales climbed by a stunning 67% year on year.
This week, the prices of Ethereum, BNB Coin, Solana, and other DeFi altcoins remained stable. According to new data from DappRadar, there were more NFTs sold in 2022 than the previous year.
More positive news for cryptocurrency’s DeFi platforms: NFTs sold last year outsold those sold the previous year. A recent analysis from DappRadar, an on-chain analytics firm, exposes the extent to which NFTs are changing digital ownership in the 2020s.
In 2022, 101 million nonfungible tokens were sold. This was a 67% increase over the quantity of NFTs sold in 2021.
These data reveal a lot about the popularity and longevity of NFTs. In 2021, detractors of NFTs, like those of Bitcoin and smart contract blockchains before them, argued the blockchain product was a transitory fad. They predicted that the majority of these non-fungible tokens will eventually be worthless.
Furthermore, they predicted that the blockchain industry will eventually stop issuing new NFTs, causing the supply to plummet. Despite the crypto winter, the entire sector’s production and unit sales increased. They cautioned that sales of NFTs were declining.
For the record, it is critical to address the notion of flatlining non-fungible token sales. Because NFTs had some low months in 2022, blockchainers minted and sold more new NFTs in 2022 than in any previous year. Furthermore, non-fungible token sales increased dramatically year over year in 2022.
Revenue from NFT sales did fall in 2022, although not much. The trade volume in non-fungibles was $24 billion last year. The previous year, NFTs sold for $25 billion in sales revenue.
So, in the depths of crypto winter, the market just missed matching the previous year’s sales revenue volume.
The greatest volume trading day in NFT history occurred in 2022. It happened on May 1, 2022, before the crypto winter got truly nasty, but after prices had been falling for months.
