While NFT trading volumes saw a significant drop of 71% from $3.4B in April 2022 to $0.99B a year later, the number of NFT wallets appears to be heading in the opposite direction. During the same period, the number of wallets holding NFTs surged from 4M to 8.55M, more than doubling. However, it should be noted that this data reflects cumulative wallets, and the actual number of wallets holding NFTs at present may be lower than 8.55M.

This trend bodes well for NFT adoption; however, we must bear in mind that some of the growth may be attributed to users possessing multiple wallets to increase their likelihood of receiving airdrops or minting. Additionally, there is a possibility of malicious NFT airdrops being sent by fraudsters to unsuspecting users, which could potentially result in wallet drainage.

For more on NFTs and where the rest of crypto is heading, check out our latest Monthly Chartbook.