A recent report has shown that the number of crypto wallets actively trading NFTs has increased by more than 44% over the past year.
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The number of crypto wallets trading NFTs increased by 44%
In a September 21 blog post, DappRadar, an online data aggregator, shared a report on the NFT market over the past 12 months. An analyst report revealed that the NFT market saw a 44% increase in online NFT activity compared to last August. This increase brought the number of daily unique active wallets to an average of 316,614. DappRadar highlights some of the factors that contribute to increased online activity:
1. Changes in the NFT market
Market reports have shown that trading volume and sales are declining year on year, which may be due to the focus on the NFT community. It's worth noting that digital collectibles and NFT avatars have become increasingly popular over the past year. Today's market is driven by creative art, membership cards and gaming merchandise.
Although the number of exclusive NFT traders has decreased by 28% compared to last year, the report states that the community remains stable with 701,560 active NFT traders. These traders averaged around 4.5 transactions, which highlights their continued involvement and enthusiasm in the NFT market.
2. Evolution of multiple NFT blockchains
DappRadar also highlighted the evolution of blockchain to support non-fungible tokens as another major factor contributing to the growth of on-chain NFT activity. As the Ethereum network continues to dominate the NFT market and hold some of the most notable collections, Immutable X's rise to second place has attracted attention.
This market shift highlights the growing appeal of NFTs in gaming. Polygon, once recognized as a DeFi-based blockchain, has also become a key player in the NFT space. Its growing influence is felt by major Web2 companies, including Reddit, Lufthansa, and Starbucks, as they host Web3 domains.
Notably, zkSync is another blockchain that recently added NFT support. Surprisingly, the network quickly rose in the rankings, taking fifth place. With the growth of interactions on this blockchain, many users are excited about a possible launch of token air in the near future.
In terms of sales data, the market report shows more changes compared to last year. In August 2023, Polygon records the highest sales, mainly due to the economical offering of the NFT collection. Ethereum, however, maintained its prominence, ranking in second place. It has long remained a popular and trusted choice for many industry players in the NFT space.
3. Market dynamics
The dynamism of various non-fungible token market platforms is another important factor that has led to the growth of online NFT business. OpenSea's NFT marketplace, which dominated 60% of the market in August 2022, has lost its dominance. The new Blur Marketplace ranked first in terms of commercial sales thanks to its distribution mechanics and lending protocol.
4. The emergence of new NFT ecosystems
Finally, DappRadar cites the emergence of a new NFT ecosystem as another factor contributing to the modest growth of online activity. In terms of trading volume, Yuga Labs, the digital asset firm behind Bored Ape Yacht Club, is a dominant force in the past and present.
However, dynamic new ecosystems have emerged in the NFT market, including DeGods, Azuki, The Captainz, and Milady Maker. Over the past year, each project has seen significant innovation through exciting partnerships, comprehensive roadmaps revealing vast ecosystems, and market-disruptive new minting launches.
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