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NFT revenue to exceed 101 million in 2022, DappRadar reports

by SuperiorInvest

for the last year non-fungible tokens (NFTs) continued to play an important role in the growing Web3 industry. NFTs initiated a move away from the hype-based dips k service oriented projects with long-term value.

A new DappRadar report on blockchain and decentralized application (DApp) adoption in 2022 revealed that NFT sales reached 101 million last year. This is 67.57% more than the previous year.

According to the report, the Ethereum ecosystem ranks first in the NFT ecosystem, holding 21% of the market share and more than 21.2 million processed transactions. Followed by Wax (14.5 million), Polygon (13.3 million) and Solana (12.9 million).

The Solana and Immutable X ecosystems have seen massive growth in terms of transaction activity over the previous year, with increases of 440% and 315% respectively.

Meanwhile, the data shows no change in the BNB ecosystem, with roughly 1 million transactions in 2021 and 2022.

Over the past year, the dominant category of DApps on various chains has also shifted. In 2021, decentralized finance (DeFi) applications were dominant in all but 2 of the 13 chains used in the report.

But this year, a big shift towards high-risk, gaming and NFT DApps leveled the playing field.

Related: Opinion: NFTs have a better future on Instagram than Twitter

Additionally, the report highlighted Ethereum and Cardano as the blockchains with the most active developers working on the chain, with 223 and 151 active protocols respectively.

While modular blockchains such as Polkadot and Cosmos saw network developer activity increase by 16% and 131.7%, respectively.

The importance of NFT in the Web3 space was also reflected in mainstream culture last year. From the sequel adoption by legacy institutions like NBA on Amazon do a documentary series about NFT and those who collect them.

At the end of last year China has announced its first national NFT market serve as a secondary market for the exchange of digital assets.

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