There are now a total of 80,300 NFT collections on the Ethereum blockchain, up from 15,540 year over year. Meanwhile, Ethereum addresses holding one or more NFTs have also skyrocketed as the industry is getting widely adopted, despite the recent market turbulence in the crypto space.
Interest in NFTs Continues To Grow
Although the overall crypto market has been experiencing a long-term downtrend since November 2021, the NFTs enthusiasm has shown consistent strength.
According to data compiled by IntoTheBlock, a firm that specializes in on-chain analysis and blockchain intelligence, the number NFT collections on Ethereum has increased more than 100% by 2022. More than 80K NFTs are now available on the Ethereum network, compared to 15.5K collection a year ago.
The daily NFT volume has also grown dramatically in the past year. While it was only $622M in volume a year ago (and nearly 90 percent higher than the current $54.58B per-day), the volume now trades at around $54.58B.
The rise in interest in Ethereum addresses with at least one NFT has been evident since September 2020. A year ago, 1.4% of wallets had 1+ NFTs, but that number has risen to 4.64%.
BoredApeYachtClub, owned by 6,422 addresses, is the most valuable NFT project. Its market capital reached 1.05M Ethereum (equivalent to $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 is a new home to NFT Collections
While the Ethereum blockchain is still the best place to find the most popular NFTs today, Solana’s digital collections have been gaining immense attention. Transaction costs in Solana are often less than one dollar. Many NFT projects and collectors have migrated to its blockchain for scalability and cheap transaction costs.
The ecosystem’s sales volume had surpassed $1 billion by the end of January. Degenerate Ape Academy was a highly-popular collection of 10,000 NFT Apes, only available on Solana blockchain. In September 2021, it sold its most expensive Ape for $1.1million.