Report: Over 100% Increase in Number of Ethereum-based NFT Collections in 2022

The total number of NFT collections on Ethereum has risen to 80,300 from 15,540 over the past year. The number of Ethereum addresses that hold one or more NFTs has also risen, as the industry continues to grow despite recent market turmoil in the crypto space.

Interest in NFTs continues to rise

The wider crypto market has been in a downtrend for months, but the excitement associated with NFTs has shown steady strength.

According to data collected by IntoTheBlock (a blockchain intelligence company dedicated to on-chain analyses), the number of NFT collection on the Ethereum network increased by more than 100% in 2022, according to IntoTheBlock. More than 80K NFTs are now available on the Ethereum network, compared to 15.5K collection a year ago.

The total volume of NFTs traded has increased dramatically over the past year. It was $622M per day a year earlier, but it nearly doubled to $54.58B per daily today.

Since September 2020, there has been a noticeable increase in Ethereum addresses that hold at least one NFT. A year ago, 1.4% of wallets had 1+ NFTs, but that number has risen to 4.64%.

BoredApeYachtClub is still the most valuable NFT collection among all Ethereum-based NFT collections. It is owned by 6,422 addresses and has a market cap of 1.05M Ethereum, which equals $3.18B. CryptoPunks, and MutantApeYachtClub, are the second and third largest NFT series, respectively, with respective valuations of 471.43K and 456.23K, respectively.

Solana, a new home for NFT collections

Although the Ethereum blockchain still hosts the most popular NFTs, Solana-based digital collection have gained immense attention. Transaction costs in Solana are often less than one dollar. For scalability, and low transaction costs, many NFT collectors and projects have moved to Solana’s blockchain.

The ecosystem had already crossed $1 billion in sales by January’s end. Degenerate Ape Academy is a popular collection of 10,000 NFT Apes that can only be found on the Solana Blockchain. Its highest sales volume was $1.1 million in September 2021.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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