NFTs existed prior to 2021, but it was last year that digital art exploded in the blockchain space, and digital artists shone in the NFT spotlight. While the crypto world became an exciting place to be, a new generation of NFT artists entered the world’s largest artistic movement to date.
Crypto investors are having a difficult time in January 2022, as the price of Bitcoin (BTC) and other cryptocurrencies continues to fluctuate wildly. Some have blamed the drop on the Federal Reserve’s recent announcement of additional rate hikes, as well as political unrest in Kazakhstan, which drastically reduced Bitcoin’s hash rate. The price of Bitcoin fell below $42,000 on January 14 as traders hoped for bullish signals.
It appears that while the crypto market continues to struggle, the NFT space is witnessing incredible surge in trading volumes and interest.
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NFT & GameFi In Sweet Month
A new report has shown that NFT and GameFi transactions continued to rise despite falling crypto prices. The report by Dappradar noted that “the number of UAW connected to Ethereum NFT DApps has grown by 43% since Q3 2021,” according to the research. The money generated by NFT trading increased from $10.7 billion in Q3 2021 to $11.9 billion in the first ten days of 2022, according to the research. This rise could also be attributed to…