The Importance of NFTs in the Web3 industry

Over the course of the last year, nonfungible tokens, often 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 toward utility-centered programmes with long-term worth.

According to a recent estimate published by DappRadar on blockchain technology and the use of decentralised applications (DApps) in the year 2022, the number of NFTs sold in 2018 reached 101 million, representing a 67.57% rise 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 successfully completed over 21.2 million transactions.

Next on line is Wax, with 14.5 million, then Polygon, with 13.3 million, and finally Solana (12.9 million).

When compared to the previous year, transaction volume in the Solana and ImmutableX ecosystems exploded, increasing by a whopping 440% and 315%, respectively. Neither environment is showing any signs of slowing down anytime soon.

The statistics, meantime, suggest that the BNB ecosystem has not changed at all, with about 1 million transactions recorded for both 2021 and 2022.

Within the last year, there has been a movement in the DApp category that predominates across a number of chains.

By the year 2021, decentralised finance (DeFi) applications had established themselves as the industry standard on all but two of the 13 chains considered for this article.

This year, however, a significant movement toward high-risk, gambling, and non-fungible token decentralised applications (DApps) levelled the playing field.

In addition, the survey identified Ethereum and Cardano as the blockchains with the most active developers working on-chain, with 223 and 151 active protocols, respectively, for each of these two blockchains. 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 significance of NFTs in the Web3 area spread into the general culture, but they also did so in a big way.

The National Basketball Association (NBA) is one of the legacy organisations that has continued to accept NFTs, and now Amazon is producing a documentary series about those who collect NFTs.

In December of the previous year, China made an announcement on the launch of its first national NFT marketplace. This market is intended to act as a secondary market for the trading of digital assets.