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NFT Sales in 2022 Nearly Matched the 2021 Boom, Despite Market Crash

apart from Months of sales decline When falling pricesOverall NFTs data showed that last year’s sales volume roughly matched the 2021 peak. Dapp RadarData suggests that the NFT market’s roaring start to 2022 helped boost year-end tallies and make up for the slump in the months that followed.

The NFT market will generate approximately $24.7 billion worth of organic trading volume across blockchain platforms and marketplaces in 2022, DappRadar shared. DecryptionThis is slightly down from the $25.1 billion total recorded in 2021. NFT Market Activity Soars Interest as a tokenized collectible initially became more than a niche interest.

DappRadar’s “organic” data excludes trades that are suspected of being wash trades or trades that have been manipulated in any way.

Wash trading often occurs when traders buy and sell their NFTs at inflated prices between wallets they control. This is often an attempt to manipulate the token reward model in the marketplace. Wash trading worth billions of dollars Excluded from the data, as seen in marketplaces that offer token trading incentives such as LookRare and X2Y2.

DappRadar recorded a significant spike in the number of NFTs traded last year, although overall trading volume remained relatively flat this year. The analytics firm recorded approximately 101 million NFT transactions during 2022, compared to approximately 58.6 million NFT transactions in 2021.

NFTs in 2022

The cryptocurrency market lost significant value over the course of the year, with losses accelerating during the May crash. Terra’s LUNA and USTAfter that, the so-called virtual currency winter The downfall of the virtual currency exchange FTX and the result industry contagionfurther impacting the crypto price.

The NFT market has seen similar developments throughout the year. Sales surged in January as 2021 momentum carried into the new year. His OpenSea alone in the top marketplace also posted a record month. Has a trading volume of $5 billion.

Trading volumes declined in the months that followed, but then Massive launch in late April of Yuga Labs NFT land parcels other side—a Boad Ape Yacht Club-theme metaverse Gaming – Supporting the market and supporting OpenSea Daily trading volume recordAt that point, it appeared that 2022 NFT sales volumes could easily surpass the 2021 tally.

But that surge didn’t last long. As cryptocurrency prices crashed in May, NFT trading momentum also plummeted, resulting in a steep drop in prices. According to DappRadar, monthly trading volume fell from nearly $3.3 billion in May to just over $1 billion in June, but since then the market has seen him surpass $1 billion. Is not …

Ethereum’s Bored Ape Yacht Club was last year’s Best-selling NFT projectaccording to data from crypto slam, with a trading volume worth about $1.6 billion.But the majority of that deal was done between He January and He May, with a starting price of Late April Peak of $429,000 ETH value Recent Lows Under $60,000 in November.

December data

Compared to early highs, the NFT market ended 2022 relatively weak. However, overall trading volume was slightly above the November tally, with the number of NFTs sold in the final month of the year recovering from the previous month’s decline.

According to DappRadar, the NFT market generated about $684 million worth of organic trade in December. About 6.7 million of his NFTs were sold in one month, up from about 4.8 million in November and about 6.1 million in October.

OpenSea remained the leading market for organic NFT deals valued at over $297 million in December, according to DappRadar. This is up from about $259 million in November. Bluris a new competitor encouraging NFT trading with promises of future token rewards, jumping from about $115 million in November to about $177 million in December.

of Solana Blockchain continued its recent ups and downs pattern, dropping from $95 million in November to around $70 million. After a heat wave in September, when NFT sales reached nearly $134 million, he was down to $67 million in October. y00ts launch. of SOL value drops sharply November and December Due to the FTX Crash.

On the other hand, blockchain platform Flow nba top shot When NFL All Day— Stopped bleeding after 2 months of more than 50% reduction. Flow recorded his NFT sales of about $6.8 million in December, down from about $7.7 million in November.

top shot is months of declineup to $2.2 million in December ( crypto slam) NFT sales in November were less than $2.1 million. FLOW token set a new all-time low early this week After steadily losing momentum Amid a decline in NFT activity on the platform.

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