Full year 2022 and themes for 2023

Full year 2022 in the crypto industry was eventful, with highlights and challenges. Ethereum successfully transitioned to Proof-of-Stake and new L1s like Aptos and Sui made their debut. Meanwhile, L2s had a breakthrough year with strong inflows, but the DeFi sector saw a sharp drop in TVL following market events and macroeconomic challenges. NFT sales in 2022 increased by 10.6% YoY, but the market saw a slowdown in the second half of the year. Blockchain gaming projects continued to grow, but growth slowed down and interest in the metaverse waned. The year also saw a policy debate fueled by market events and record-breaking VC investment and fundraising activities. The report concludes by highlighting key themes for 2023 in the different crypto sectors.