NFTs take off, trading activity up 166% by 2023
According to Dapradar, the positive trend in the crypto market and the recent approval of 11 Bitcoin Exchange Traded Funds (ETFs) have seen a surge in activity over the past year.
“NFT collections have increased interest, because new wallet business and use of these assets has increased by 166%,” the report said.
The NFTs and Dapp industry has boomed in the past year.
According to a recent report, the Decentralized Application (Dapp) industry will witness significant growth in 2023.
The company has seen a 124% increase in unique active wallets (UAW), which will equate to approximately 4.2 million daily UAW by the end of the year.
However, NFT prices are not replicating the increases seen in 2021. Despite a decrease in both price and transaction volumes, there has been a significant increase in the volume of NFTs traded.
“NFTs in 2018 They became much cheaper throughout 2023, and thus the transaction volume dropped 49% to $12.6 billion. However, the number of NFTs traded rose 445% to 60 million,” the statement said.
In the year Ahead of 2023, BeenCrypto reported in December 2022 that product integrity and decentralized finance (DeFi) are the main factors that will positively impact NFTs in the coming year. Major brands such as Samsung, Gucci and Nike strengthen the space and make it more accessible to a mainstream audience.
Additionally, Blur has taken the number one position in NFT trading. It showed a 56% year-on-year growth, while OpenSea has the highest number of traders, with an average of 280,000 traders per month.
Read more: 5 Best NFT Marketplaces to Know in 2023
Dapradar has approved 3K Daps in 2023
Dapradar himself claims to have approved 2,985 dapps during the year, most of them focused on NFTs and gaming.
NFT collections accounted for 25%, while blockchain games accounted for 21%.
Although NFTs have seen declines in previous years, analysts continue to have faith in their success.
As of June 2023, BeenCrypto reported that forecasts predict a compound annual growth rate of 34.2 percent from 2023 to 2030. Thus, the rise in value of digital assets is expected to be dramatic.
Read more: What are NFT trading cards?
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