Releases an Analysis of Over 7 Million Ethereum NFT Transactions

Mountain View, CA, October 25, 2021 –(– launched an open source tool for the quantitative analysis of the NFT market. used this tool to analyze the over 7 million NFT transactions that took place on the Ethereum blockchain between April 1, 2021 and September 25, 2021 across over 700,000 accounts.

Their analysis shows that the Ethereum NFT market exhibits all the characteristics of a free and open market. This includes asymmetry of ownership, with the top 16.71% of NFT owners controlling 80.98% of NFTs. have also used their tool to develop a formula that determines whether a token is a utility token or a speculative token.

Their analysis identifies tokens like the Ethereum Name Service and the Uniswap v3 Position Token as having the highest utility and NFT releases of art and media collections which have failed to gain any traction, like Eminem’s SHADYCON, as being a speculative token.

“Distinguishing utility tokens and security tokens has been challenging for the blockchain community and for financial regulators alike. Until now there hasn’t been a quantitative criterion that makes this distinction,” says Neeraj Kashyap, CEO of “Our analysis has revealed a statistical formula that solves this problem, and it is accessible through our open source blockchain analytics platform.”

For more details, read the full report:

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