Connect with us
Active Currencies 14916
Market Cap $2,523,151,848,062.00
Bitcoin Share 51.59%
24h Market Cap Change $-1.52

Ethereum NFT holders may gain a sense of security after reading this 

2min Read

Share this article

According to data from DappRader, top sales of Non Fungible Tokens (NFTs) in the last 24 hours showed NFTs on the Ethereum [ETH] network in the lead. A Bored Ape Yacht Club (BAYC) NFT topped the list with the sale attracting 91 ETH, valued at over $120,000.

Now, the question is- Does ETH stand to emerge as the undisputed king of the NFT market with the ongoing developments in sight?

Source: Dappradar

ETH may finally get a win

The leading NFT network, Ethereum, had been criticized for its high energy consumption. Digiconomist, a platform indexing implication of digital trends, stated that the total annual energy consumed to secure Ethereum increased in 2021. The total energy consumed surged from 9 TWh to more than 81 TWh. 

However, Ethereum’s shift to PoS witnessed a shift in its energy consumption as well. Furthermore, as per Vitalik Buterin, the Merge reduced global energy consumption by 0.2%. 

Well, Ethereum’s move would thus, lower the barrier to the incorporation of NFTs into the mainstream. This was a result of NFTs being environment-friendly and shutting down initial reservations by critics. 

The NFT market state

The recent market turmoil had an impact on the development and adoption of NFTs, as well as the major cryptocurrencies. According to Dune Analytics‘ data, NFT trading dropped significantly. NFT trading volume peaked in January at $17 billion and since dropped to roughly $470 million in September, posting a decline of 97%.

While the leading NFT collections including BAYC, Sorare, Mutant Ape Yacht Club, Otherdeed, and CryptoPunks witnessed a decrease in floor price and buyers and sellers over the past 30 days, Ethereum Name Service (ENS) was in the green.

Source: CryptoSlam

In comparison to other projects, ENS sales increased by over 127% over the past 30 days, and this trend was shared by both buyers and sellers, as per Cryptoslam.

Moreover, much to the enthusiasm of NFT holders, Meta, the parent company of Facebook and Instagram, tweeted an important update related to NFTs on 29 September.

As per the tweet, users in 100 countries will be able to share NFTs and connect wallets. Users can also cross-post digital collectibles for free between platforms, tag producers and collectors, and more.


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.