Will ETH let go of its NFT throne? This data may compel you to think…
- Bitcoin NFTs begin to surpass Ethereum NFTs in terms of 24-hour volume.
- Activity on the Ethereum network declines, and interest in staking remains high.
Since the inception of NFTs Ethereum-based NFTs have been dominating the market. Blue chip Ethereum NFTs such as BAYC and MAYC have been immensely sought after since their launch and their demand hasn’t been paralleled in the markets.
Realistic or not, here’s ETH market cap in BTC’s terms
However, the dominance of these NFTs could soon decline due to the emergence of popular Bitcoin-based NFTs.
New kid around town
According to CryptoSlam’s data, the trading volume of Bitcoin Frogs NFT exceeded 2.27 million US dollars in the past 24 hours. The collection managed to surpass prominent Ethereum NFTs such as HV-MTL and BAYC.
Furthermore, its floor price reached 0.14 BTC. Coupled with that, the transaction volume of Bitcoin NFTs, including BRC-20, reached 7.6 million US dollars in the past 24 hours. This surpassed Solana and accounted for approximately 48.5% of the total Ethereum NFT volume.
This spike in interest in Bitcoin NFTs could threaten many blue chip NFT collections on the Ethereum network. The floor price of many of these NFTs had already begun to decline.
According to NFTGO’s data, the floor price of the BAYC NFT collection declined by 12.83% in the last 30 days. Additionally, the floor price of MAYC NFT collection also fell, coupled with a decline in volume and sales of the NFT collection.
Source: NFTGO
The decline in interest in Blue Chip NFTs impacted the overall Ethereum NFT market. According to Santiment’s data, NFT trades occurring on the Ethereum network fell significantly over the last 30 days.
Subsequently, gas usage on the Ethereum network was also impacted. In the last few weeks, there have been massive dips in Ethereum gas usage.
Source: Santiment
Even though the activity on Ethereum has been declining, the interest in staking Ethereum has never been higher.
Stakers remain optimistic
Based on data from Token Unlock, the month of May witnessed a new monthly high in Ethereum 2.0 staking, with over 2.2 million ETH deposited into the ETH2 deposit contract. Additionally, since the implementation of the Shanghai upgrade, the net stake of ETH has surpassed 1 million, equivalent to approximately 2 billion US dollars.
On the contrary, the behavior exhibited by validators was the opposite. Staking Rewards’ data indicated that the number of stakers on the Ethereum network had fallen by 13.3% in the last month.
Source: Staking Rewards
