NFT transfer activity on Ethereum exceeds that of stablecoins, ERC-20
Key points to remember
- NFT transfers account for a larger share of Ethereum transfers than stablecoins or ERC-20 tokens, according to research published today.
- Daily NFT transfers remain near all-time highs.
- Despite some setbacks in the markets, interest in NFTs has weathered the slumps.
Share this article
NFTs have been a relatively large part of the Ethereum ecosystem in terms of token transfers since last summer, according to data released today by Coin Metrics. Additionally, the number of non-fungible token transfers remains near all-time highs.
Despite Downward Trends, NFTs Remain Popular
While markets may have suffered losses in recent weeks, NFT activity remains as popular as ever.
According to Coin Metrics Network status issue today, non-fungible tokens – typically based on Ethereum’s ERC-721 token standard – have beaten both stablecoins and major ERC-20 tokens in terms of total token transfers within the Ethereum ecosystem since July of the so-called NFT summer 2021.
NFT transfers are currently near all-time highs. Data from Coin Metrics shows that ERC-721 transfers typically exceed 300,000 most days recently.
NFT adoption has been a dominant theme in the digital asset space since last summer, perhaps attracting more users to the space than other crypto use cases. OpenSea, one of the most popular NFT marketplaces in the world, hit a valuation of $13.3 billion last month after its breakout year in 2021, in which its trading volume ($14 billion) multiplied 646 times during the 2020s. Coinbase’s NFT market (which has not yet launched) has also garnered more than 1.5 million sign-ups to its waitlist within two days of its announcement.
In addition to retail users, many large companies have also gotten involved, especially following Facebook rename to Meta and the resulting hype. For example, last month YouTube CEO Susan Wojcicki published potential NFT plans for video streaming giant and McDonald’s deposit ten new brands earlier this month related to virtual goods.
Disclosure: At the time of writing this article, the author of this article owned BTC, ETH, and several other cryptocurrencies.
OVR – the largest decentralized AR metaverse
OVR is the metaverse’s decentralized infrastructure, merging the physical and virtual world through augmented reality, creating a new dimension where anything is possible. It is made up of 1.6 trillion unique hexagons…
Despite a fragile Ethereum, the NFT market is booming
After a breakout year for the tech in 2021, the NFT hype is still going strong. Ethereum NFT Market Roars Ethereum holders may have had a rocky start to 2022, but…
Want NFT fries with that? McDonald’s Preps Metaverse Play
McDonald’s could be the next big company to enter the Metaverse. McDonald’s Files Patents on Virtual Goods It looks like McDonald’s might be gearing up to make a big Metaverse game. Recent…
OpenSea saw its transaction volume increase by 646 times in 2021
The OpenSea NFT market recorded a colossal trading volume of $14 billion throughout 2021, far exceeding its 2020 performance of $21.7 million. OpenSea 2021 break year will end…