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Ethereum NFT

NFT Dominance On Ethereum Drops To Just 8.3% As Interest Stays Low

Keshav Verma
by Keshav Verma
2 years ago
·
Posted in Ethereum, NFT
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Data shows the NFT transaction dominance on Ethereum has now dropped to just 8.3%, as interest around the market has remained low.

NFT Dominance On Ethereum Falls, Whereas Stablecoins Pick Up More Share

As per data from on-chain analytics firm Glassnode, non-fungible tokens accounted for 18% to 22% of the total transactions on ETH in the first half of 2022.

The “dominance” here refers to the percentage of the total transactions taking place on the Ethereum blockchain that a certain type of token occupies.

ETH is a network that hosts a very rich ecosystem of applications, thanks to its smart contracts. Some of the popular constructs on the chain include stablecoins, NFTs, Decentralized Finance (DeFi) apps, and ERC20 tokens.

Here is a chart that shows how the dominances of two of these applications, non-fungible tokens and stablecoins, have changed during the last few years:

Ethereum NFT And Stablecoins

Looks like stablecoins have gained more dominance in recent weeks | Source: Glassnode on Twitter

As you can see in the above graph, NFTs prospered on the Ethereum blockchain during the first half of this year as they accounted for around 18% to 22% of all transactions happening on the network.

During this same period, the dominance of all stablecoins on the blockchain fluctuated around a value of about 10%.

With the start of the second part of 2022, however, things started changing for the previously flourishing non-fungible token market.

Related Reading: Here’s Why Big Eyes Coin, Solana and Near Protocol Are Causing A Buzz Within The Cryptocurrency Industry

The long and deep sector-wide bear market resulted in investor interest around NFTs to fade, which showed up as a steep decline in the dominance of these tokens on the Ethereum blockchain.

Following this drawdown in the percentage of digital collectible-related transfers happening on the network, the dominance of these tokens is now only 8.3%.

While the NFTs were going through a decline, the stablecoins managed to hold on and move mostly sideways, until the FTX crash came, which actually resulted in an increase in the dominance of the combined stablecoin market.

Related Reading: 3 Crypto Projects Attracting Buyers With Their Exciting Features: Big Eyes Coin, Internet Computer, and Dogecoin

Now, stablecoins contribute to around 12.5% of the total transactions taking place on Ethereum, more than the dominance of the non-fungible token market.

ETH Price

At the time of writing, Ethereum’s price floats around $1.2k, up 6% in the last week. Over the past thirty days, the crypto has amassed 23% in losses.

Below is a chart that shows the trend in the price of the coin over the last five days.

Ethereum Price Chart

The value of the crypto seems to have not displayed much movement during the last few days | Source: ETHUSD on TradingView
Featured image from Andrey Metelev on Unsplash.com, charts from TradingView.com, Glassnode.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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