The onslaught of a bear market in 2022 was not enough to dampen the mood, or prices, of the collection that inspired the most popular NFT standard.
2022 was generally a dismal year for digital assets as the cryptomarket shrunk by $2 trillion and cryptocurrency prices tanked. Nonfungible tokens (NFTs) were not able to escape the claws of the bear market, with NFT trading volumes in dollars falling by 98.8% since January from a high of $17 billion to slightly over $250,000 at year close.
But it’s not all dark and gloomy in the land of digital collectibles hosted on the blockchain. Despite dismal trading prices, decentralized applications research firm DappRadar found that the volume of NFTs traded has remained close to 2021 levels, increasing by 0.41% with an average ethereum price of $2,015. Sales also increased by 10.16% this year, pointing to an active market despite smaller values. Ethereum and OpenSea remained the blockchain and marketplace of choice for most collectors, holding 60% and 73% of their respective market shares.