Definitely Nifty: NFTs Sold Topped 67% YoY Growth in 2022

The price of Ethereum, BNB Coin, Solana, and other DeFi altcoins kept running this week. New data in a report out from DappRadar reveals there were more NFTs sold in 2022 than the year before.

DappRadar: NFTs Sales in 2022 Soared

In more good news for cryptocurrency’s DeFi platforms, NFTs sold last year topped sales numbers from the year before. A new report from on-chain analytics firm, DappRadar, reveals the extent that NFTs are reshaping digital ownership in the 2020s.

101 million nonfungible tokens were sold in 2022. That was a staggering 67% increase over the number of NFTs sold in 2021.

These figures are extremely revealing of the popularity and staying power of NFTs. Just like Bitcoin and smart contract blockchains before them, NFTs’ critics in 2021 said the blockchain product was a passing fad. They said most of these non-fungible tokens would eventually be worthless.

Furthermore, they said that the blockchain sector would eventually stop minting new NFTs, and the supply would collapse. Even with the crypto winter, production and units sold by the entire sector ramped up. They warned that NFTs’ sales volumes were flatlining.

Revenues Declined

So it’s important to correct the perception of flatlining non-fungible token sales for the record. Because NFTs did have some down months in 2022, but overall, blockchainers minted and sold more new NFTs in 2022 than any year before it. Moreover, the growth in non-fungible token sales year-over-year was absolutely massive in 2022.

Revenue from NFT sales did decline in 2022, but not by much. Last year’s exchange in non-fungibles saw $24 billion in trading volume. The year before, NFTs changed hands for $25 billion in sales revenue.

So the market barely missed hitting the same sales revenue volume as the year before in the depths of crypto winter.

The highest volume trading day for NFTs in history was in 2022. It happened on May 1, 2022, before crypto winter had gotten really bad but when prices had all been slipping for months.