In the past week, sales of Ethereum-based NFTs have surged by 138%. This surge in sales is likely due to the proliferation of Initial Coin Offerings (ICOs). ICOs are a new and highly popular form of funding. They allow companies to sell tokens to the public, often in exchange for cryptocurrencies like Bitcoin or Ethereum.
Ethereum-based NFTs surge in sales while all other blockchains decline
Since the launch of Ethereum and its associated digital collectibles and Mutant Ape Yacht Club (MAYC) have been the two main drivers of sales for NFTs. According to data collected by ETHNews, sales for Ethereum-based NFTs have surged by 138.15% since last Friday, surpassing the second place blockchain, Bitcoin Cash, by a significant margin.
Sales for NFTs on all other blockchains saw a decline this week, with the exception of Ethereum and Panini – both of which saw a rise in sales. Bitcoin, Ripple and Litecoin all dropped significantly in terms of sales values.
Every blockchain in the top 10 rankings in terms of sales saw a decline this week except for Ethereum and Panini. This indicates that apart from MAYC and Ethereum, there is no dominant player in the NFT market at the moment.
While all other blockchains saw declines in sales activity this past week, Ethereum-based NFTs saw a 138% surge in sales. This highlights the importance of Ethereum as a dominant blockchain for sales of NFTs.