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Data from Web3 developer platform Alchemy shows while NFT trading volume fell 41% in Q2, nearly six million smart contracts were deployed across EVM-compatible chains.
Although fewer collectors are trading NFTs, more developers are focusing on building new use cases to bring Web3 technologies mainstream
The past few months have been rough for non-fungible token (NFT) trading. But it appears builders are still bullish on Web3.
According to developer platform Alchemy’s latest Web3 Development Report, while NFT trading volume fell 41% in the second quarter of 2023, 5.9 million smart contracts were deployed across Ethereum Virtual Machine (EVM)-compatible networks including Ethereum, Arbitrum, Optimism and Polygon. This number represents a 302% increase since Q1, and a 1,107% increase since the second quarter of 2022.
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Analysis – “NFTs were all the rave 3 years ago when they were correlated with digital artworks, they have died off as a result of overhype for use cases which they were not exactly intended for.
Despite that, there are still many projects being created – hopefully in ways that are more useful than collectible artwork.” – Easton Nguyen
