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

Knowledge reveals the NFT transaction dominance on Ethereum has now dropped to only 8.3%, as curiosity across the market has remained low.

NFT Dominance On Ethereum Falls, Whereas Stablecoins Choose Up Extra Share

As per knowledge from on-chain analytics agency Glassnode, non-fungible tokens accounted for 18% to 22% of the overall transactions on ETH within the first half of 2022.

The “dominance” right here refers back to the share of the overall transactions going down on the Ethereum blockchain {that a} sure sort of token occupies.

ETH is a community that hosts a really wealthy ecosystem of functions, due to its good contracts. Among the widespread constructs on the chain embrace stablecoins, NFTs, Decentralized Finance (DeFi) apps, and ERC20 tokens.

Here’s a chart that reveals how the dominances of two of those functions, non-fungible tokens and stablecoins, have modified throughout the previous few years:

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