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  • Writer's pictureMichael Paulyn

In the Ever-Growing Web3 Industry, NFTs are Becoming More of a Vital Ingredient Part 1

Updated: Feb 5, 2023

The last year has proven that NFTs, non-fungible tokens, are a vital ingredient in the ever-growing web3 infrastructure. Initially, the introduction of NFTs sparked a frenzy of various get-rich schemes and gimmicks, resulting in these digital tokens earning a reputation of being nothing more than a hype-based trend soon to burn out.

In reality, NFTs have tremendous potential for long-term growth, specifically in the web3 space. DappRadar's 2022 report on the market for dApps (decentralized applications) found that Ethereum came in first place in the NFT sector, controlling a whopping 21% of the market along with 21.2 million successful transactions.

Following that, Wax comes in second with 14.5 million transactions, after Polygon is close behind with 13.3 million, and finally, Solana with 12.9 million. Most notably, Solana and ImmutableX ecosystems saw incredible growth between 2021 to 2022, with Solana having 440% in growth and ImmutableX seeing 315%, showing no signs of slowing down.

This report also shared that Ethereum and Cardano saw the most on-chain activity compared to any other blockchain, with 223 and 151 active protocols for each blockchain network. The blockchains of both Polkadot and Cosmos, both modular, saw on-chain activity increase by an impressive 16% and 131.7% during that time.

The National Basketball Association (NBA) is one of the more notable sports organizations looking to accept NFTs, along with Amazon, which is developing a documentary series on the NFT market and personalities within that environment. Lastly, the Chinese government plans to open its own state-run NFT marketplace.

Hungry for more? Join me each week, where I'll break down complex topics and dissect the latest news within the cybersecurity industry and blockchain ecosystem, simplifying the world of tech.

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