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News

Ethereum NFT Transaction Volume Plummets by 12.05% in Recent Week!

May 12, 2024 - Around 2 mins mins to read

Key Points:

  • NFT transaction volume on Bitcoin chain dips 10.58%, totaling US$49.6 million in the past week.
  • Ethereum network sees a 12.05% decrease in NFT transaction volume, amounting to US$41.75 million.
  • Solana network experiences an 8.82% increase, reaching US$261.2 million in NFT transaction volume.
The NFT transaction volume on the Bitcoin chain totaled approximately US$49.6 million, reflecting a 10.58% decrease compared to the previous month.
Ethereum NFT Transaction Volume Plummets by 12.05% in Recent Week!

On the Ethereum network, NFT transaction volume reached US$41.75 million, marking a 12.05% decline month-on-month.

The dip in NFT transaction volume on both the Bitcoin and Ethereum chains indicates a cooling-off period following previous periods of heightened activity in the NFT space. Despite the slight downturn, these networks continue to play a significant role in facilitating NFT transactions, with Ethereum maintaining its position as a leading platform for NFT creation and trading.

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Solana Network Emerges as NFT Transaction Volume Surges

Ethereum NFT Transaction Volume Plummets by 12.05% in Recent Week!

The Solana network witnessed a notable uptick in NFT transaction volume, reaching US$261.2 million, reflecting an 8.82% increase month-on-month. The surge in activity on the Solana network underscores its growing prominence as an alternative blockchain platform for NFTs, offering scalability and lower transaction fees compared to Ethereum.

The varying trends in NFT volume across different blockchain networks highlight the diverse landscape of the NFT market. While Ethereum remains a dominant player, other platforms like Solana are gaining traction due to their technical capabilities and ecosystem growth.

The recent fluctuations in NFT volume also reflect broader market dynamics and investor sentiment within the cryptocurrency space. As the NFT market continues to evolve, factors such as network congestion, gas fees, and platform popularity influence transaction volumes and trading activity.

Despite the recent decline in NFT transaction volume on certain networks, the overall outlook for the NFT market remains positive, with continued interest and investment in digital collectibles, artwork, and virtual assets. As blockchain technology advances and new platforms emerge, the NFT ecosystem is expected to witness further innovation and growth in the months and years ahead.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.