NFTs have been the craze in the Web 3 world for a while now. Despite a dropping interest in the non-fungible tokens, the craze will not die anytime soon.
BitcoinCasinos.com has been following the latest trends on NFTs. Recent research revealed developers and consumers are increasingly interested in NFT products. API requests grew by more than 1000% YoY in the last quarter of 2022 and by over 132% QoQ.
The site’s Research Lead, Edith Reads, commented, “Although talk of NFTs has just about died down, activity in the space hasn’t. The numbers show that developers have been building in stealth mode, and we can only expect the NFT industry to keep growing, with better applications coming up by the day.”
NFT APIs Contribute to the Industry’s Growth
According to the report from the research conducted, Web 3 developers are building faster and smarter.
NFT APIs allow developers to query NFT-related API endpoints across Ethereum and other testnets. APIs make it easier for developers to build sophisticated Dapps seamlessly.
Thanks to these APIs, developers can quickly search for NFT-specific data to determine how an NFT app works. The programs help save time, money, and effort when creating NFTs and other Dapps across blockchains. With NFT APIs, developers can acquire NFT metadata, integrate with social media, and gain access to analytics.
Developers are now turning to complex queries to build blockchain products. Enhanced API requests also increased by over 1000% compared to a 433% increase in SDK requests in the same period.
The Dapp Ecosystem is Still Growing
From the research’s reports, the Dapp ecosystem is still growing, with social Dapps taking center stage. The report, which focussed on 2022 numbers, showed a 16-fold increase in Dapps since 2018. According to Dappradar, the total number now stands at 16,102 with the top-three categories in the ecosystem as DeFi, games, and collectibles.
Social Dapps have also increased tremendously, with a 105% increase YoY. When compared to Q3, the category increased by 58%.
Evidently, the growing demand for decentralized solutions is spurring the ecosystem’s growth. Enthusiasts are increasingly seeking Web3- based solutions, thanks to the numerous benefits, including privacy and data ownership.