Over 100% Growth in the Number of Ethereum-based NFT Collections in 2022

April 19, 2022April 19, 2022 Nxtgen Virtue blockchain, cryptonew, cryptonews, ETH, Ethereum, nft, Solana

Recent data shows that Ethereum-based NFTs have gained consistent upward momentum over the past year, with the trading volume reaching $54B on April.17th.

There are currently a total of 80,300 NFT collections on the Ethereum blockchain, up from 15,540 year-over-year. Meanwhile, Ethereum addresses containing one or more NFTs have also skyrocketed as the industry gains more adoption despite the recent crypto market turmoil.

Interest in NFTs Continues to Increase

Although the broader crypto market has been down for a month since November 2021, the hype surrounding NFT activity has shown consistent strength.

According to data from IntoTheBlock, a blockchain intelligence firm dedicated to on-chain analysis, the number of NFT collections on the Ethereum network increased by more than 100% in 2022. Compared to the number a year ago with only about 15.5k collections available, over 80,000 NFTs are now on the network.

Meanwhile, the total volume traded by NFTs has also increased sharply over the past year, with daily volume as low as $622 million a year ago, up nearly 90 times to the current level of around $54.58 billion per day has increased.

For Ethereum addresses holding at least 1 NFT, the spike in interest since September 2020 is noticeable. Also, a year ago only 1.4% of wallets held more than 1 NFT, but now the number has increased to 4.64%.

Solana a New Home for NFT Collections?

Although the most popular NFTs still exist on the Ethereum blockchain, Solana-based digital collections have been catching up and attracting a lot of attention lately. At Solana, transaction prices are typically less than a dollar. Many collectors and NFT projects have relocated to its blockchain for cheap transaction costs and scalability.

At the end of January, the volume of sales in the ecosystem surpassed the $1 billion mark. Degenerate Ape Academy, a very popular collection of 10,000 unique NFT apes only available on the Solana blockchain, had its highest sale for one single ape at $1.1 million in September 2021.