NFT marketplace OpenSea is moving nearly $2,9 million a day in gas fees, surpassing DEX Uniswap.
The decentralized finance ecosystem, also known as DeFi, is being overshadowed by the arrival and popularity of non-fungible tokens or NFT, which are gaining greater traction within the crypto space, as demonstrated by EtherScan data.
In the past 24 hours, gas fees on the OpenSea non-fungible token exchange are over 890 ethers, worth close to $2,9 million, while on Uniswap gas fees are close to 460 ethers, worth around $1,5 million.
Source: EtherScan
Software engineer and 1inch co-founder Anton Bukov also highlighted on his Twitter account the list of the top 10 protocols and projects Ethereum that are moving the most value in terms of network gas fees. Their publication, based on data from Dune Analytics, also shows that it is OpenSea that is moving the most value per day in gas fees, compared to Uniswap.
Although Uniswap is the protocol DEX and AMM leader of the Ethereum ecosystem and, was known as the largest gas burner within this network blockchain So far, the popularity and high demand for NFTs is driving OpenSea as the most widely used project within Ethereum today. This NFT marketplace offers a wide range of tools for creators, merchants, and collectors who want to enter the world of digital art and tokenization.
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NFTs are growing in value and popularity
NFTs are currently regaining their popularity after a drop in value seen during the second quarter. By that time, analysts at NonFungible, another major crypto industry data provider, indicated that the decline in non-fungible token activity levels did not mean the collapse or total downfall of this nascent market.
Well, to date many of the NFT projects are growing both in adoption and value. CryptoPunks, for example, are trading at a average value 60 ethers per token; a 1.200% growth from its average price at the beginning of the year. Also, the NFTs of the blockchain game Axie Infinity are growing in adoption and value, making Axie one of the most in-demand projects currently, with more than 1 million active users per day as its developers recently reported. According to the Dune Analytics ranking, Axie Infinity is the third gas burner on the Ethereum network, with close to $1 million in fees per day.
Digital stones, the new NFT boom
More recently, NFT tokens from the EtherRock project began trading at truly astonishing prices. EtherRock are rare digital stones that currently command over $100.000 per NFT. Art Blocks have also grown in value, ranking third among the largest NFT collections in the industry.
Other projects such as Bored Ape Yacht Club and Meebits are also moving significant value on digital markets, occupying fourth and fifth place according to DappRadar's ranking of the most in-demand NFT collections currently.
Source: DappRadar
Although many regulators see NFTs as nothing more than a bubble or a means of money laundering, many of their investors have found the true meaning of ownership in these projects. Non-fungible tokens have unique characteristics and an undeniable potential for authenticity and traceability, which is why they have become a global trend that has captured the attention of collectors, investors, traders, and more.
Continue reading: Shopify integrates support for NFTs to revolutionize online commerce
