Some have attributed the slump to recent federal intentions to introduce new rate hikes, and the political turmoil in Kazakhstan, which significantly lowered the hash rate of Bitcoin.
The report stated that “the number of UAW connected to Ethereum NFT DApps grew by 43% since Q3 2021.” Numbers from the report also show that the money generated by NFT trading went from $10.7 billion in Q3 2021 to $11.9 billion in the first ten days of 2022.
Even though the United States is now second in terms of overall traffic, the country still saw 175,000 new users in the NFT ecosystem, a growth of around 38%.