Connect with us
Active Currencies 16179
Market Cap $3,803,633,197,204.70
Bitcoin Share 53.93%
24h Market Cap Change $-4.20
Ethereum

Ethereum NFTs take a backseat as this network’s trading volume sees a surge

3min Read

The ETH NFT trades count was down by 99.97% from its peak levels to its current levels. NFT volumes on Ethereum slowed down so much that decentralized social network Friend.tech managed to overtake the former NFT leader in terms of daily trading volume.
Posted:
Avatar
contributor
Avatar
contributor
Posted:

Share this article

  • Ethereum’s NFT activity indicates dwindling interest.
  • Ethereum sees midweek network activity surge reflecting a surge in demand.

Just two years ago, the NFT market was one of the hottest segments in DeFi, with Ethereum as the leading network. Fast forward to the present and NFT demand is a fraction of what once was. But just how bad is the state of the NFT segment especially on the Ethereum network?

Is your portfolio green? Check out the Ethereum Profit Calculator

Santiment’s total NFT trades count metric revealed that the demand was down considerably especially in the last 12 months. For perspective, the Ethereum blockchain registered around 6,444 peak NFT trades count recorded on the Ethereum blockchain on 19 March. Fast forward to the present and the count tallied at 13 in the last 24 hours at press time.

Ethereum total NFT trades

Source: Santiment

Based on the above data, it could be stated that the NFT trade count was down by 99.97% from its peak levels to its current levels. NFT volumes on Ethereum also slowed down so much that the decentralized social network Friend.tech managed to overtake it in terms of daily trading volume.

The fact that a relatively new social network is now outclassing Ethereum’s NFT demand is a testament to just how much the NFT segment has fallen. Note that it was one of the segments that contributed a significant amount of network activity and network fees during the height of the 2021 bull run.

The Ethereum network fees also took a hit now that NFT activity was almost non-existent. Things have also been exasperated by the slow market conditions in the last few weeks. According to Glassnode, Ethereum’s median gas fee stood at an eight-month low.

Ethereum registers a surge in network activity

As far as the latest developments were concerned, the Ethereum network saw a sizable spike in the number of daily active addresses in the last 24 hours. The daily active addresses peaked at $1.05 million at press time which was almost double the number of active addresses recorded on Tuesday (12 September).

Ethereum daily address activity and transaction volume

Source: Santiment

Interestingly, the network registered less than 343,000 daily active addresses on 10 September. Furthermore, what was worth noting was that the spike in the last 24 hours followed the surge in transaction volume observed on Tuesday (12 September).

How many are 1,10,100 ETHs worth today

ETH’s price action was up almost 4% in the last two days. This indicated that the observed spike in network activity could be bullish. However, the current momentum appears limited considering that the on-chain volume observed in the last five days was still within the normal range.

Nevertheless, there was a sentiment shift in favor of the bulls which was in line with the surge in network activity and bullish price action so far.

Ethereum volume and weighted sentiment

Source: Santiment

 

Previous:
Next:

Share

Avatar
Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael's writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.
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.