Despite significant downturns in the global market throughout 2023, the community remained steadfast, laying the foundation for stable growth by year-end.
Thorough research conducted by the NFT18 research company revealed the resilience of the NFT market in 2023. Despite a 62% drop in volume to $10 billion and almost a billion dollars in losses, active wallets decreased by only 10%, demonstrating significant signs of recovery.
Trade Metrics and Global Shifts in 2023
In 2023, NFT trading suffered massive losses exceeding $1 billion, aligning with the "market correction" phase. A negative article in Rolling Stone claiming "NFTs are dead" did not aid the situation.
Nevertheless, promising signals emerged in the last quarter of 2023. Sidechains and other blockchains beyond Ethereum, such as Polygon, Solana, and Bitcoin, gained traction. Many NFT projects are now expanding to multiple chains, leveraging the opportunities offered by each network.
Global interest in NFTs noticeably shifted from the West to Asia, the Middle East, and Southeast Asia, fueled by a $100 million blockchain gaming investment in Asia and numerous Web3 events, such as the FinTech Festival Asia.
