Non-fungible tokens (NFTs) have also reported an uptick in movement, according to DappRadar, amid positive price swings in the crypto market and the approval of 11 Bitcoin Exchange Traded Funds (ETF).
“NFT collections have seen increasing interest as the number of new wallets trading and using these assets has increased by 166%,” the report said.
NFTs and Dapp industries skyrocketed last year
According to a recent report, the decentralized application industry (Dapp) will see significant growth by 2023.
The company pointed to the big increase in Unique Active Wallets (UAW), which rose 124%, amounting to approximately 4.2 million daily UAW by the end of the year.
Dapp Industry Unique active wallets. Source: DappRadar
Still, NFT prices are not following the increases we have seen in 2021. Despite the decline in both prices and trading volumes, there has been a substantial increase in the amount of NFTs sold.
“NFTs have become a lot cheaper in 2023, causing trading volume to drop 49% to $12.6 billion. However, the number of NFTs sold increased by 445% to 60 million,” the statement said.
Before 2023 started, BeInCrypto reported in December 2022 that the key factors that will positively impact NFTs in the coming year will be brand loyalty and decentralized finance (DeFi). Major brands jumping into this space, such as Samsung, Gucci and Nike, only strengthen the space and make it more accessible to the mainstream.
Additionally, Blur took the number one spot in NFT trading volume. It experienced annual growth of 56%, while OpenSea maintains the highest number of merchants, with an average of 280,000 merchants per month.
DappRadar approves almost 3K Dapps in 2023
DappRadar itself stated that it had approved 2,985 Dapps within a year, the majority of which were NFT and gaming-oriented.
NFT collections accounted for 25%, while blockchain games recorded 21%.
Share of approved dapps on DappRadar.
Despite NFTs seeing a decline in recent years, analysts continued to show confidence in their success.
In June 2023, BeInCrypto reported that forecasts predict an impressive compound annual growth rate of 34.2% between 2023 and 2030. This indicates that the increase in the value of digital assets has been phenomenal.
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