The 2022 crypto price crash has been brutal for most cryptocurrencies, wiping billions of dollars off their value. Still, the number of people using cryptos and NFTs continues rising.
According to data presented by AugustaFreePress, the number of crypto and NFT users is expected to jump by 14% year-over-year and hit 344 million in 2023.
More than 40 million New Users in a Year
The mass adoption of digital assets continues to boom, despite the massive volatility seen in the crypto space throughout this year. According to a Statista survey, 145 million people worldwide started using cryptos as a payment method or a long-term investment in the last three years, with the total number of users reaching over 257 million in 2022. However, the base of crypto users will expand at double-digit rates through 2023, despite user growth slowing down. Statista expects close to 294 million crypto users next year, showing a 14% increase in a year.
The NFT market has seen a 22% user growth in 2022, despite NFTs stumbling in value. Last year, 36.1 million people worldwide used or owned NFTs. This figure increased to 44.3 million in 2022 and is projected to jump by another 13% to 50.3 million in 2023. Statistics show the two markets will count more than 40 million new users next year.
Crypto Transaction Value to Jump by 25% YoY, NFTs Up by 46%
The rising number of crypto users continues driving transaction value growth. In 2022, cryptocurrency is expected to account for $34.7bn worth of transactions worldwide, up 6.7% from a year before, despite the ongoing price correction. More than half of that value will come from the United States, the world’s leading crypto market. In 2023, the crypto transaction value is expected to jump by 25% YoY to $43.5bn.
Although non-fungible tokens have been swept up in the recent crypto crash, the NFT market will still see $2.52bn worth of transactions this year. Almost 40% of that value will come from the US and Canada as the top two markets. However, Statista expects NFT transaction value to surge by 46% to $3.68bn in 2023.