Ethereum NFTs take a backseat as this network’s trading volume sees a surge

Ethereum NFTs take a backseat as this network’s trading volume sees a surge

September 14, 2023

By Michael Nderitu

Is your portfolio green? Check out the Ethereum Profit Calculator

Ethereum’s NFT activity indicates dwindling interest.

Ethereum sees midweek network activity surge reflecting a surge in demand.

Just two years ago, the NFT market was one of the hottest segments in DeFi, with Ethereum as the leading network. Fast forward to the present and NFT demand is a fraction of what once was. But just how bad is the state of the NFT segment especially on the Ethereum network?

Santiment’s total NFT trades count metric revealed that the demand was down considerably especially in the last 12 months. For perspective, the Ethereum blockchain registered around 6,444 peak NFT trades count recorded on the Ethereum blockchain on 19 March. Fast forward to the present and the count tallied at 13 in the last 24 hours at press time.

Based on the above data, it could be stated that the NFT trade count was down by 99.97% from its peak levels to its current levels. NFT volumes on Ethereum also slowed down so much that the decentralized social network Friend.tech managed to overtake it in terms of daily trading volume.

The fact that a relatively new social network is now outclassing Ethereum’s NFT demand is a testament to just how much the NFT segment has fallen. Note that it was one of the segments that contributed a significant amount of network activity and network fees during the height of the 2021 bull run.