NFTs and Dapp Industry Surged Last Year
According to a recent report by DappRadar, the decentralized application (Dapp) industry experienced significant growth in 2023. The number of Unique Active Wallets (UAW) rose by 124%, reaching approximately 4.2 million daily UAW by the end of the year.
However, despite this growth, NFT prices did not see the same surges as in 2021. Prices and trading volumes declined, but there was a substantial increase in the quantity of NFTs sold. Trading volume dropped by 49% to $12.6 billion, while the number of NFTs sold increased by 445% to 60 million.
Before 2023 began, it was predicted that brand loyalty and decentralized finance (DeFi) would positively influence NFTs in the coming year. Major brands like Samsung, Gucci, and Nike entering the space have made it more accessible to a mainstream audience.
DappRadar Approves Almost 3K Dapps in 2023
DappRadar itself approved a total of 2,985 Dapps in 2023, with a majority focused on NFTs and games. NFT collections accounted for 25% of approved Dapps, while blockchain games made up 21%.
Despite previous plunges in value, analysts remain confident in the success of NFTs. Forecasts predict a compound annual growth rate of 34.2% for NFTs from 2023 to 2030.
Hot Take: Continued Growth and Confidence in NFTs
The surge in both the Dapp industry and NFT market demonstrates continued growth and interest in these digital assets. While NFT prices have not replicated the surges of 2021, the increase in the quantity of NFTs sold indicates a growing market.
With major brands entering the NFT space and increased accessibility to a mainstream audience, the future looks promising for NFTs. Analysts remain confident in their success, with forecasts predicting significant growth in the coming years.
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