Data continues to suggest NFT adoption is still very niche, but recent entrants highlight why there's excitement

After the initial success of CryptoKitties at the end of 2017, which saw the collectible non-fungible token (NFT) produce more than 6000 daily average users, NFTs were lauded as the first mainstream consumer use case for blockchain. Yet, by mid-2018 CryptoKitties unique address count dropped by more than 95%, and the next generation of NFT projects failed to capture anywhere close to the transaction volume and user numbers that CryptoKitties first realized.

We highlighted this dynamic in a research post last year, noting that NFT usage data (unique addresses and transaction volumes) suggested that NFT mass adoption was still 'a long way off.'