Over the course of the last year, non-fungible tokens, often known as NFTs, have maintained their position as an integral part of the expanding Web3 economy.

The introduction of NFT marked the beginning of a transition from hype-based crashes to programs focused on public services with long-term value.

According to a recent estimate published by DappRadar on blockchain technology and the use of decentralized applications (DApps) in the year 2022, the number of NFTs sold in 2018 reached 101 million, representing an increase of 67.57% compared to the year former.

According to the study findings, the Ethereum ecosystem now ranks first in the NFT ecosystem. It currently controls 21% of the market share and has successfully completed more than 21.2 million transactions.

It is followed by Wax, with 14.5 million, then Polygon, with 13.3 million, and finally Solana (12.9 million).

Compared to the previous year, transaction volume across the Solana and ImmutableX ecosystems skyrocketed, increasing 440% and 315%, respectively. Neither environment shows signs of slowing down in the near term.

Meanwhile, statistics suggest that the BNB ecosystem hasn’t changed at all, with around 1 million transactions recorded for both 2021 and 2022.

In the last year, there has been a movement in the DApp category that is prevalent in various chains.

By 2021, decentralized finance (DeFi) apps had established themselves as the industry standard on all but two of the 13 chains considered for this article.

This year, however, a significant move toward high-stakes decentralized applications (DApps), gambling, and non-fungible tokens leveled the playing field.

Additionally, the survey identified Ethereum and Cardano as the blockchains with the most active developers working on-chain, with 223 and 151 active protocols, respectively, for each of these two blockchains. While modular blockchains like Polkadot and Cosmos saw their network developer activity increase by 16% and 131.7% respectively during the same time period.

In 2018, the importance of NFTs in the Web3 area has not only spread to the general culture, but it has also spread in a big way.

The National Basketball Association (NBA) is one of the legacy organizations that has continued to accept NFTs, and now Amazon is producing a documentary series on NFT collectors.

In December of the previous year, China made an announcement about launching its first domestic NFT marketplace. This market is meant to act as a secondary market for trading digital assets.