Although NFTs existed before 2021, digital art surged in the blockchain environment last year, and digital artists shone in the NFT spotlight. A new generation of NFT artists joined the world’s largest artistic movement to date as the crypto world became an exciting place to be.
In January 2022, cryptocurrency investors are having a tough time, as the price of Bitcoin (BTC) and other cryptocurrencies continues to fluctuate drastically. Some have attributed the dip to the Federal Reserve’s recent announcement of more rate hikes, as well as political upheaval in Kazakhstan, which significantly lowered Bitcoin’s hash rate. On January 14, the price of Bitcoin plummeted below $42,000 as traders waited for bullish signals.
While the crypto market continues to suffer, the NFT industry appears to be experiencing a massive increase in trade volumes and interest.
Despite declining crypto prices, NFT and GameFi transactions increased, according to a new analysis. According to the data, “The number of UAW connected to Ethereum NFT DApps has climbed by 43% from Q3 2021,” according to Dappradar. According to the research, the money generated by NFT trading climbed from $10.7 billion in Q3 2021 to $11.9 billion in the first ten days of 2022. Enhancement in the NFT sector, such as the establishment of the LooksRare marketplace, could possibly be related to this growth.
Hmm, NFT’s are a new hot thing ? Let’s see what trends cryptocurrency and NFTs catch.
