NFTs on Ethereum were leading the way until bitcoin growth interrupted…
NFTs have increased their lead over stablecoins and ERC-20 tokens in transfers on the Ethereum network since last July. However, WBTC minted on the chain has leveled off this month.
Transfers of nonfungible tokens NFTs on Ethereum have surpassed transfers of stablecoins and altcoins. However, the supply of wrapped Bitcoin (WBTC) has remained relatively stagnant since late last year.
Also, those are two of the key findings in the latest State of the Network update from Coin Metrics. It details how ERC-721 transfers overtook stablecoins and altcoins on Ethereum starting last July. It has continued to increase the margin between them ever since. ERC-721 is the token standard for NFTs on the Ethereum network.
Furthermore, NFT transfers topped 50,000 per day on average starting late July and have not dipped below that line since. Daily NFTs transfers are now averaging an all-time high of over 300,000, a 600% increase since July.
Conversely, ERC-20 tokens, including altcoins and stablecoin transfers, have steadily decreased since late July. Altcoins’ transfer has fallen 39% from 42,000 per day to about 30,000. Stablecoin transfers are down from about 24,000 in July to 18,000 today, a 25% decrease.
Moreover, the numbers make the message reasonably clear! NFTs on Ethereum are more popular than they have ever been. Demand on marketplaces to transact NFTs has never been higher, according to data from DappRadar.
In addition, OpenSea is currently the all-time leader in NFT trading volume, with $21.85 billion in value traded. However, the LooksRare marketplace threatens OpenSea dominance. Over the past 30 days, LooksRare has seen $11.6 billion in volume compared to OpenSea’s $4.13 billion.