Blast NFT collections have outpaced Ethereum in terms of trading volume within the NFT market, according to recent data...
has largely been dominant in most sectors across the crypto-space. On a certain front, however, it would seem that the tides have shifted in favor of the Blast network.Recent data suggests that over the last 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.
Even though a large part of Blast’s NFT volume can be due to wash trading, the declining interest in Ethereum NFTs does raise concerns about the state of the network. In fact, AMBCrypto’s analysis of Santiment’s data revealed that the number of NFTs being traded has fallen significantly.NFT collections on other networks such as Bitcoin and Mythos managed to outperform Ethereum NFTs.
Rising network growth is a sign that new addresses have been showing interest in ETH. Velocity climbed too, implying a surge in transaction activity on the Ethereum network. Rising interest from new addresses and growing velocity could help ETH see green and push the altcoin to the levels it was trading at prior to the latest market correction.However, the size of the addresses showing interest in ETH will also play a key role in Ethereum’s future price movement.
For instance, addresses holding 100-10,000 ETH were declining at press time, according to Santiment’s data. Substantial purchases made by large addresses can play a huge role in ETH’s price trajectory in the future.Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
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