Non-fungible tokens, popularly known as NFTs, have been a hot topic in the digital asset space. The journey of NFT trading volume from 2021 to 2023 paints an interesting picture, involving significant growth, volatility, and recovery. Unravel this thrilling ride.
Opening new horizons: NFT market in 2021
In 2021, non-fungible tokens emerged and established themselves in the mainstream. Capturing global attention, NFT trading volumes have reached impressive total volume. $25.1 billionAn important milestone has been achieved in the field of digital assets.
In particular, in the first half of this year alone, NFT sales surged to a staggering $2.5 billion. A specific subcategory of NFTs, the digital collectibles market, has emerged as the fastest-growing segment, further fueling the NFT explosion.
Best NFT Projects of 2021
axi infiniti
Axie Infinity is one of the biggest NFT success stories of 2021. It’s a Pokémon-inspired world where users can fight, collect, raise, and trade token-based creatures known as Axies.
Gameplay involves players forming a team of Axies and earning rewards through daily quests and arena battles. This Play-to-Earn model has made Axie Infinity very popular, especially in developing countries where it provides an alternative source of income.
By the end of 2021, Axie Infinity had over 1.5 million daily active users. Smooth gameplay, economic incentives, and early-mover advantages have allowed them to dominate the NFT gaming space over the past year.
Cryptopunk
CryptoPunks, launched in 2017 by Larva Labs, was one of the earliest and best-known NFT projects. It consists of a collection of 10,000 unique collectible characters with proof of ownership stored on the Ethereum blockchain.
Due to their first mover status and limited supply, CryptoPunks have become incredibly popular among NFT collectors. Several Punks have sold for millions of dollars in 2021, with the most expensive Punk selling for $11.8 million. Historic success has established CryptoPunks as a blue-chip NFT brand.
Boring Monkey Yacht Club
Bored Ape Yacht Club (BAYC) took the NFT world by storm in 2021 with its collection of 10,000 Ape NFTs. Each Bored Ape is unique and created programmatically with over 170 possible traits.
The project attracted massive attention within months of its launch, with celebrities such as Justin Bieber and Jimmy Fallon joining as owners. BAYC’s exclusivity, viral marketing, and large community have made it one of the most influential NFT projects of 2021. Last year, several Apes were resold for more than $1 million.
A slight setback: NFT market in 2022
2022 brings several challenges to the burgeoning NFT market. Trading volume showed a slight decrease, approximately 1%. $24.7 billionThis is a slight decrease from $25.1 billion the previous year.
May 2022 saw the highest weekly trading volume, demonstrating the resilience of the market. However, May and June saw significant developments, with NFT trading volume falling below $1 billion for the first time since December 2022. However, despite the decline in transaction volume, the number of individual users and transactions remained solid, showing strong interest in NFTs.
Best NFT Projects of 2022
2022 has been a remarkable year for Non-Fungible Tokens (NFTs), with several projects making significant progress in the digital asset space. Here are some standout NFT projects making waves in 2022:
silks
Silks has emerged as one of the best NFT projects of 2022, bridging the gap between the real world and the NFT space. It offers a unique combination of digital and physical assets, attracting the attention of both traditional and cryptocurrency investors.
doodle
Doodles, a vibrant collection of 10,000 unique, algorithmically generated characters, has made a mark in the NFT world. The project’s playful aesthetic and strong community focus have made it popular among NFT enthusiasts in 2022.
moon bird
Moonbirds was another project that received a lot of attention in 2022. The project’s unique concept and engaging community activities made it stand out in the NFT space.
female rise
Women Rise was a unique NFT project that aimed to empower female artists in the NFT space. It gained popularity by presenting a strong message and high level of artistry.
non-friends
Gary Vaynerchuk’s NFT project, VeeFriends, has also made great strides in 2022. The project offered a unique combination of digital artwork and real-world benefits, including access to conferences and other exclusive events.
Fly Fish Club
Flyfish Club was another notable NFT project in 2022. The project stood out for its unique concept and the high level of engagement it provided to community members.
awesome possum
Awesome Possums was one of the best utility NFT projects released in September 2022. It is a community-driven NFT project that offers a variety of benefits to holders, making it a popular choice among NFT enthusiasts.
noun
The Nouns NFT project, born in 2021, continued to be popular in 2022. Each Noun is a unique, programmatically generated character created daily, making the project a dynamic and ever-evolving collection.
Reddit Collectible Avatars
Reddit Collectible Avatars were another popular NFT project in 2022. The project allowed Reddit users to own unique digital avatars on the Ethereum blockchain, further unifying the social media world with NFTs.
These projects, with their unique concepts, strong community focus, and innovative use of blockchain technology, have significantly contributed to the growth and development of the NFT space in 2022. It sets the stage for more innovative and exciting developments in the NFT world. In the next few years.
Rebound: NFT Market in 2023
As we enter 2023, the NFT market is starting to show signs of recovery. In the first quarter of this year, NFTs rebounded with strong performance, recording an impressive 137.04% increase in trading volume. This brings the total to $4.7 billion, the highest since the second quarter of 2022.
However, in March 2023, there was a slight slowdown, with NFT trading volume decreasing by 15.65%. Despite this decline, the overall resilience of the market remained evident, with individual user numbers and transaction numbers remaining stable.
Best NFT Projects of 2022
The NFT space continues to evolve at a rapid pace. 2022 has seen many innovative projects emerge, but the new year promises to introduce even more exciting developments. Key NFT projects to watch in 2023 include:
Azuki
This collection of 9,999 anime-inspired avatars has become extremely popular in 2022. With metaverse integration plans and exclusive community benefits, Azuki is well positioned for further growth.
moon bird
With a dedicated following and continued participation, Moonbirds has solidified its status as a blue-chip project. New utilities may be released in 2023 to improve the experience.
doodle
This vibrant collection of 10,000 algorithmically generated doodles has captivated the community with its playful vibe. Future roadmap additions may increase the potential.
gods
DeGods, a play-to-earn game built on the Polygon network, offers a compelling combination of NFTs and gaming. It could emerge as a leader in the NFT gaming niche.
Mutant Monkey Yacht Club
A spin-off of the popular Bored Ape Yacht Club, MAYC has captivated collectors with its unique character. That devoted following bodes well for the future.
Cryptoz
With captivating 3D artwork and a dedicated team, CrypToadz has garnered a loyal fan base. You can watch through Metaverse and Game Plan.
Cyber Kongz
CyberKongz, an NFT collection and play-to-earn game, offers an immersive experience. An ambitious roadmap can help you succeed in the new year.
chunky penguin
With its adorable penguin characters and community rewards, Pudgy Penguins showed promise from the beginning. Further development may increase its potential.
These are just a few of the many exciting NFT projects that could gain mainstream attention in 2023. With the space evolving at a rapid pace, new gems are sure to emerge throughout the year.
Lessons learned from the NFT volume journey
In short, travel NFT trading volume From 2021 to 2023, it was nothing short of a roller coaster ride. With significant growth, slight declines, and steady user interest, the NFT market continues to be an attractive space to watch. Stay tuned for further updates on this exciting journey!