Data shows the NFT transaction dominance on Ethereum has now dropped to just 8.3%, as interest around the market has remained low.
NFT Dominance On Ethereum Falls, Whereas Stablecoins Pick Up More Share
As per data from on-chain analytics firm Glassnode, non-fungible tokens accounted for 18% to 22% of the total transactions on ETH in the first half of 2022.
The “dominance” here refers to the percentage of the total transactions taking place on the Ethereum blockchain that a certain type of token occupies.
ETH is a network that hosts a very rich ecosystem of applications, thanks to its smart contracts. Some of the popular constructs on the chain include stablecoins, NFTs, Decentralized Finance (DeFi) apps, and ERC20 tokens.
Here is a chart that shows how the dominances of two of these applications, non-fungible tokens and stablecoins, have changed during the last few years:
Looks like stablecoins have gained more dominance in recent weeks | Source: Glassnode on Twitter
As you can see in the above graph, NFTs prospered on the Ethereum blockchain during the first half of this year as they accounted for around 18% to 22% of all transactions happening on the network.
During this same period, the dominance of all stablecoins on the blockchain…
