There are now a total of 80,300 NFT collections on the Ethereum blockchain, up from 15,540 year on year. Meanwhile, Ethereum addresses holding one or more NFTs are also skyrocketing as the industry continues to see widespread adoption despite the recent market turmoil in the crypto space.
Interest in NFTs continues to grow
Although the broader crypto market has been on a one-month downtrend since November 2021, the enthusiasm associated with NFT activities has shown continued strength.
The number of NFT collections on the Ethereum network increased by over 100% in 2022, according to data collected by IntoTheBlock, a blockchain intelligence firm dedicated to on-chain analytics. Compared to the number recorded a year earlier, with only about 15.5. With K collections available, over 80K NFTs are now on the network.
Meanwhile, the total volume traded by NFTs has also increased significantly over the past year, with a daily volume of only $622 million a year ago, rising almost 90 times to the current level of about $54.58 billion per day.
In terms of Ethereum addresses holding at least 1 NFT, the increase in interest has been typical since September 2020. Also, a year ago only 1.4% of wallets had 1+ NFTs, but now the number has gone up to 4.64%.
Among all Ethereum-based NFT collections, BoredApeYachtClub still reigns as the most valuable NFT project with 6,422 addresses owned, with a market cap reaching 1.05M ETH, equivalent to $3.18B. CryptoPunks and MutantApeYachtClub are the second and third largest NFT chains, priced at 471.43K ETH and 456.23K ETH, respectively, based on valuation.
Solana as a new home for NFT collection
Although the most popular NFTs still exist on the Ethereum blockchain, Solana-based digital collections have recently caught on and attracted immense attention. In Solana, transaction costs are usually less than a dollar. Many NFT projects and collectors have moved to its blockchain for scalability and cheap transaction fees.
By the end of January, the sales volume in the ecosystem crossed the $1 billion mark. Degenerate App Academy, a hugely popular collection of 10,000 unique NFT apps available only on the Solana blockchain, had its highest sales for a single app in September 2021 for $1.1 million.
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