The recent price increase of Ethereum has fueled robust development of this on-chain NFT ecosystem, with on-chain trading volume reaching its highest level since mid-January.
NFT trading volume on Ethereum last week reached approximately $75 million, accounting for a large portion of the total trading of $143.5 million across leading blockchains, reflecting a noticeable increase in the heat of the Ethereum NFT market.
MAIN CONTENT
On-chain NFT trading volume on Ethereum has reached a new high since January.
Ethereum dominates with $75 million out of a total of $143.5 million in NFT trading across major blockchains.
NFT trading on Bitcoin has surged, while there are signs of a slight decrease on Polygon.
Why does the increase in Ethereum's price boost the development of the NFT ecosystem?
The rise in Ethereum's price stimulates the demand for buying and selling NFTs on this platform through increased liquidity and investor confidence. Reports from The Block indicate that when ETH price fluctuates positively, NFT trading volume also skyrockets. Specifically, NFT trading on Ethereum increased from $18.3 million to $75 million within two weeks, demonstrating the direct impact of price fluctuations on on-chain activity.
"Stable and growing Ethereum prices are crucial factors that help NFTs on this platform explode in trading volume,"
Anna Smith, Director of Cryptocurrency Market Research, The Block, 2024
How does the NFT trading volume on Ethereum compare to other Blockchains?
Ethereum continues to maintain its leading position in NFT trading with $75 million out of a total of $143.5 million last week, accounting for over 52% market share. Meanwhile, Bitcoin also saw considerable growth as NFTs increased from $11 million to $25.6 million. In contrast, Polygon recorded a slight decrease in trading volume. This indicates that Ethereum not only holds its position in terms of NFT volume but also leads the trend of global NFT market development.
Which report proves the explosion of NFT trading on Ethereum?
The Block has detailed statistics on NFT trading volumes across major blockchains. Data shows that Ethereum NFT trading last week reached $75 million, more than quadrupling from $18.3 million two weeks ago. Bitcoin NFT also recorded a 2.3 times increase from $11 million to $25.6 million during the same period. These figures have been confirmed by many cryptocurrency finance experts globally, highlighting the strong growth trend of NFTs on the Ethereum platform.
"The NFT boom on Ethereum is not only a price increase of assets but also reflects the sustainable development of the community and real-world applications,"
John Lee, CEO of Blockchain Insight Research Company, 2024
Frequently Asked Questions
When did NFT trading volume on Ethereum peak?
According to the report, NFT trading volume on Ethereum last week reached its highest level since mid-January this year, approximately $75 million.
What percentage of total transactions on blockchains is accounted for by NFT trading on Ethereum?
Ethereum accounts for over 52% of total NFT transactions, with $75 million out of $143.5 million in total transactions on major platforms.
Has Bitcoin seen growth in NFT trading recently?
Bitcoin recorded strong growth from $11 million to $25.6 million within two weeks, indicating the appeal of NFTs on this platform.
Why has NFT trading on Polygon slightly decreased?
Due to various market factors and capital flows moving to Ethereum and Bitcoin, NFT trading on Polygon has slightly decreased compared to other blockchains.
How does Ethereum's price impact the NFT market?
The price of Ethereum directly affects liquidity and investor confidence, driving strong NFT trading on this platform.
Source: https://tintucbitcoin.com/giao-dich-nft-vuot-140-trieu-usd/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated with the latest news about the cryptocurrency market and not miss any important information!
