Data from alchemyplatform shows that while NFT trading volume fell in Q2, nearly 6 million smart contracts were deployed across EVM-compatible networks. camgthompson reports
)-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.
In addition, 26.8 million Ethereum software developer kits were installed in Q2, a 7% increase from the previous quarter. While not all of the new smart contracts deployed or Ethereum SDKs installed will be used to build NFTs, continued development points to a positive direction for Web3’s growth and its steps toward mass adoption. Despite the bear market,Blake Tandowsky, growth analyst at Alchemy, told CoinDesk that whale NFT trading volumes peaked in Q2 2022, and now, less users are entering the market. Still, the emerging use cases for NFTs such as gaming have kept developers hungry to build on the blockchain.
“We saw pretty strong new users in Q2 2022, but as time went on, the number of new users entering the space for NFT volume basically wasn't able to sustain that level of growth, which is why today we're kind of seeing a lower number than usual,” said Tandowsky. “One thing that kind of stands out is the need for additional use cases for some NFTs … there could be a lot of future NFT use cases that look very different from their original JPEG iteration.
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