The Number of Ethereum NFTs Has Skyrocketed This Year

Ethereum-based collections of non-fungible tokens (NFTs) are gaining momentum. Total trading volume reached $54 billion as of April 17th. According to IntoTheBlock – a company that specializes in blockchain intelligence – the trading volume of Ethereum NFTs was $622 million a year ago.

The company also announced that the number of NFT collections on Ethereum has increased by over 100%. The network currently hosts 80,300 NFT collections, up from 15,540 in 2021.

In addition, the number of Ethereum addresses holding more than one NFT has also increased significantly. In November last year, 1.4% of Ethereum wallets held more than one NFT. Now, that number is about 4.6%.

Born2Invest mobile application is bringing all the crypto and business news from trusted sources to a single screen so you can stay on top of the market. The application is aggregating the most important and breaking news from relevant websites, the list is always revised and updated with new resources. 

Bored Ape Yacht Club most popular

Although the number of NFT collections on the Ethereum blockchain has grown significantly, Yuga Labs’ Bored Ape Yacht Club (BAYC) NFTs remain the project attracting the most attention. According to IntoTheBlock, 6,422 addresses own at least one BAYC NFT. The project’s market cap is 1.05 million Ether (ETH), which is worth about $3.18 billion.

CryptoPunks – another popular NFT collection for which Yuga Labs recently purchased rights – is the second largest project in terms of valuation, with a market cap of 471,430 ETH (approximately $1.43 billion). Mutant Ape Yacht Club (MAYC), an evolution of Bored Ape NFTs, takes third place with a valuation of 456,230 ETH (approximately $1.39 billion).

Solana vs. Ethereum

While Ethereum has the most NFT collections, Solana is emerging as the preferred blockchain for NFT fans. Unlike Ethereum, which has scalability issues and high transaction fees, Solana offers fast transactions at a lower cost. With average fees of less than $1 per transaction, Solana has attracted many projects looking to avoid Ethereum’s high costs.

As of the end of January 2022, Solana NFTs had over US$1 billion in revenue. The network also has several popular collections, including Degenerate Ape Academy and Solana Monkey Business. In both collections, at least one NFT sold for more than $1 million.

Although Solana’s NFT ecosystem is not nearly as large as Ethereum’s, experts believe it could topple Ethereum in the long run due to its scalability and low fees.

__

(Featured image by geralt via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.