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.