- Blast surpassed Ethereum in terms of NFT volume
- While the price of ETH fell, the growth and speed of the network increased significantly on the charts.
Ethereum [ETH] has been largely dominant in most sectors of the crypto space. On a certain front, however, it would seem that the tides have turned in favor of the Blast network.
NFT at full speed
Recent data suggests that over the past 24 hours, Blast NFT collections like PAC REKT, Blastopians, and Plutocrats have collectively generated more volume than the entire Ethereum NFT market across all exchanges.
Now, although Blast surpassed Ethereum in terms of NFT volume, a significant portion of this volume can be attributed to wash trading. In context, Wash’s NFT trading inflates trading volume by buying and selling between controlled wallets, creating false popularity and misleading investors. It undermines the NFT market by distorting prices and reducing real liquidity.
Although a large portion of Blast’s NFT volume may be due to wash trading, declining interest in Ethereum NFTs raises concerns about the state of the network. In fact, AMBCrypto’s analysis of Santiment data revealed that the number of NFTs being traded has decreased significantly.
Taking a deeper look
NFT collections on other networks like Bitcoin and Mythos managed to outperform Ethereum NFTs. According to CryptoSlam data, popular Ethereum NFT collections such as BAYC and Crypto Punks failed to make it into the top 5 best-selling NFTs over the past month. The number of Crypto Punk buyers fell by an alarming 20%, while the number of BAYC buyers fell by 2.78%.
If this trend continues, Ethereum could soon lose its top spot in the NFT sector.
ETH holders bleed
As far as the price of ETH is concerned, at the time of publication, it had risen back above $3,000 thanks to Bitcoin’s recovery. Furthermore, network growth for ETH also continued to increase.
The increasing growth of the network is a sign that new addresses have shown interest in ETH. Speed also increased, implying an increase in transaction activity on the Ethereum network.
Rising interest from new addresses and increasing velocity could help ETH turn green and bring the altcoin back to the levels it was trading at before the latest market correction.
However, the size of addresses showing interest in ETH will also play a key role in Ethereum’s future price movement.
For example, addresses with between 100 and 10,000 ETH were declining at the time of this publication, according to data from Santiment. Substantial purchases made by large addresses can play a very important role in the trajectory of ETH prices in the future.
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