DappRadar report highlights ETH NFTs’ Dominance

DappRadar report highlights ETH NFTs’ Dominance

The DappRadar report shows that the adoption of blockchain technology and decentralized apps (dapps) continued to increase in 2022 despite various challenges, such as the war in Ukraine and the collapse of Terra Luna, with some unexpected competitors emerging to fight for a share of NFTs’ transaction volumes.

The report highlighted that NFT sales remained strong

The number of daily Unique Active Wallets (dUAW) in the dapp industry increased by 50% in 2022, rising from 1.58 million dUAW in 2021 to 2.37 million last year on average, according to the DappRadar Report. One of the major trends in the dapp industry in 2022 was the rise of NFTs, with a shift in popularity towards NFTs and gaming dapps. 

Ethereum surpassed 21.2 million NFT sales in 2022, processing the most trades across all networks. Wax and Flow followed with 14.5 and 11.9 million sales, respectively. Additionally, Ethereum stands out as the network with the highest intrinsic NFT value, surpassing $300 per NFT transaction. Polygon and Solana came in next, with an average NFT transaction of $104 and $88.

The NFT market saw a significant shift in 2022, with a major increase in NFT sales compared to the previous year. According to the report, the NFT sales count in 2022 reached 101 million, a 67.57% increase from the previous year. You can find the most-sold collections here. Ethereum remained the top performer in the NFT market, holding 21% of the NFT market share and processing 21.2 million sales. Wax came in second place with 14.5 million sold NFT assets.

Success was common to more than one blockchain

While Ethereum, Wax, and Binance Smart Chain (BNB) performed well in the NFT market, they weren’t the only chains that saw success in 2022. Solana and Immutable X were the top performers, increasing 440% and 319%, respectively, to 12.9M and 9.8M trades. Polygon also increased its sales, reaching 13.3 million, a 48.7% increase over the previous year.

On the other hand, the biggest decreases in NFT sales count were seen on the Ronin blockchain, with a 51.79% decrease, decreasing to 5.5 million sales.

In Q4 2022, Ethereum had the highest value per NFT transaction, with an average of $246. However, this represents a 78.74% decrease from Q1, when it was around $1266. Nonetheless, Ethereum remained the leader in terms of the transaction value.

GameFi is becoming real

Within NFT market growth, the report highlights the growing popularity of gaming dapps (GameFi), whereas the number of daily active users on gaming dapps increased by 60% in 2022, reaching 1.2 million on average. Blockchain technology integration in the gaming industry is becoming increasingly popular with the potential to drive further growth in the dapp industry.

In 2022, it became apparent that more developers and users are starting to use blockchain networks other than Ethereum, with networks like Polygon, Solana, and Binance Smart Chain (BSC) increasing their popularity. This is an already predicted trend, with the major L1 failing to meet some scalability criteria.

Centralized problems lead to decentralized solutions

The DappRadar report also highlighted the growing interest in decentralized finance (DeFi) dapps, estimating that the total value locked in DeFi protocols will increase by 300% in 2022. 

In summary, the 2022 Blockchain and Dapp Adoption Report from DappRadar demonstrate that despite challenges, the dapp industry has continued its progress. The adoption of blockchain technology by both users and businesses suggests that the future of the industry is bright.

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