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Apecoin, Decentraland Rise Amid Report NFT Sales ‘Not Badly Off’ in 2022

Non-fungible tokens (NFTs)-related cryptocurrencies surged Thursday on the report that the asset class did not perform poorly in 2022, despite the bear run. According to data from DappRadar, NFT sales volumes in 2022 ducked to $25.1 billion from $24.7 billion in the prior year.

The analytics firm reported that the number of trades made last year was 101 million, an improvement from 2021’s 58.6 million, meaning the digital assets fetched a lower value per unit. The decline in dollar terms is tied to the crypto winter, partly caused by macroeconomic factors, the collapse of Terra Luna and its stablecoin, and the contagion around the demise of FTX.

OpenSea ranked top in NFT trades with more than $297 million in December. The marketplace’s sales increased in April with the NFT land plots for Otherside by Bored Ape Yacht Club (BAYC). OpenSea’s trading volumes recorded a sharp decline between May and June from $3.3 billion to $1 billion, showed the report.

(By Jared Kirui)

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