The importance of NFTs in the Web3 industry
Over the past year, non-fungible tokens, commonly known as NFTs, have maintained their position as an integral part of the expanding Web3 economy.
The introduction of NFTs marked the beginning of a transition away from hype-based drops and towards 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 the year 2022, the number of NFTs sold in 2018 reached 101 million, representing an increase of 67.57% from the previous year.
According to the findings of the study, the Ethereum ecosystem is now in first place in the NFT ecosystem. It currently controls 21% of the market share and has 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, transaction volume in the Solana and ImmutableX ecosystems exploded, increasing by a whopping 440% and 315%, respectively. Neither environment shows any signs of slowing down anytime soon.
The statistics, meanwhile, suggest that the BNB ecosystem has not changed at all, with around 1 million transactions recorded for both 2021 and 2022.
Over the past year, there has been a movement in the DApp category that dominates across a number of chains.
By the year 2021, decentralized finance (DeFi) applications had established themselves as the industry standard on all but two of the 13 chains assessed for this article.
This year, however, a significant move toward high-risk, gambling, and non-fungible token decentralized applications (DApps) has leveled the playing field.
In addition, the survey identified Ethereum and Cardano as the blockchains with the most active developers working on the chain, with 223 and 151 active protocols for each of these two blockchains, respectively. While modular blockchains like Polkadot and Cosmos saw their network developer activity increase by 16% and 131.7% respectively during the same time period.
In 2018, not only did the importance of NFTs in the Web3 space spread to the general culture, but they also did so in a big way.
The National Basketball Association (NBA) is one of the legacy organizations that has continued to accept NFTs, and now Amazon is producing a documentary series about those who collect NFTs.
In December last year, China announced the launch of its first national NFT marketplace. This market is intended to act as a secondary market for the trading of digital assets.
