NFTs Resurrect, Trading Activity Surges 166% in 2023

NFT MARKET_WATCH

Non-fungible tokens (NFTs) saw an uptick in movement over the past year, amid the positive price swings in the crypto market and the recent approval of 11 spot Bitcoin exchange-traded funds (ETF), according to DappRadar. “NFT collections have gained increased interest, as the number of new wallets trading and using these assets increased 166%,” the report stated.

NFTs and Dapp Industry Surged Last Year

According to a recent report, the decentralized application (Dapp) industry saw significant growth in 2023. The firm pointed towards the major uptick in Unique Active Wallets (UAW) rising by 124%, equalling approximately 4.2 million daily UAW by the year-end.

Yet, NFT prices are not replicating the surges witnessed in 2021. Despite the decline in both prices and trading volumes, there has been a substantial increase in the quantity of NFTs sold.

“NFTs have become a lot cheaper throughout 2023, and therefore the trading volume dropped 49% to $12.6 billion. However, the number of NFTs sold increased 445% to 60 million,” the statement noted.

Before 2023 commenced, BeInCrypto reported in December 2022 that the main factors that will positively influence NFTs in the coming year will be brand loyalty and decentralized finance (DeFi). Major brands jumping into the space, like Samsung, Gucci, and Nike, only solidify the space and make it more accessible to the mainstream audience.

Furthermore, Blur took out the number one spot in NFT trading volume. It saw a “56% yearly dominance,” while OpenSea maintains the highest trader count, with an average of 280,000 traders per month.  

DappRadar Approves Almost 3K Dapps in 2023

DappRadar itself stated that it approved 2,985 Dapps within the year, with the majority being in NFT and game focused. NFT collections made up 25%, while blockchain games recorded 21%.

Despite NFTs seeing a plunge in previous years, analysts have continued to display confidence over their success. In June 2023, BeInCrypto reported that forecasts predict an impressive compound annual growth rate of 34.2% from 2023 to 2030. Consequently, indicating that the surge in the value of digital assets has been phenomenal.

Source : BeInCrypto by Ciaran Lyons / Jan 12, 2024

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