Against most of the popular beliefs that the transition to proof-of-stake will assist in reviving all the metrics of the Ethereum ecosystem, a majority of its metrics remain significantly down.
Recently, interest in Ethereum non-fungible tokens (NFTs) seems to be plummeting. That is despite the continued dominance of Ethereum NFTs in the digital art sector. In August 2022, the total number of transactions dropped to a new low, showing a reduced interest in digital collectibles from the Ethereum network.
New Low For Ethereum NFTs Transactions
In the months that led to August, mostly between April and July, transactions of Ethereum NFTs exceeded one million monthly. Nonetheless, August saw some negation of this trend, with NFT transactions dropping to 998,433, per CryptoSlam data.
Notably, nonetheless, the reduced activity might have been related to the network’s much-anticipated transition to proof-of-stake. Apart from the total number of transactions that went low, unique buyers also went deep to levels that have not been seen since last November. The unique buyers dropped in numbers by more than 13% to 199,454, representing a 9-month low.
In the meantime, the Ethereum NFTs’ best sellers for August include nonfungible tokens from the Bored Ape Yacht Club (BAYC). But they also saw a drop in unique buyers. For the whole month, BAYC only saw interest from 263 unique buyers that transacted 438 times in that period.
For CryptoPunks, that story was not different. The third-highest-grossing nonfungible tokens in history may just manage to see 103 unique buyers who transacted up to 159 times.
Solana Surpasses Ethereum In NFT Transactions
Despite the reduced interest in Ethereum, the only blockchain that exceeds its number of NFT transactions in August was Solana. Solana racked up nearly 1.6 million transactions within the month.
Flow blockchain which hosts the popular NBA Top Shot collection saw 648,169 transactions in the past month, while Polygon and Wax of them saw 556,791 and 495,801 respectively.
Nevertheless, there are major hopes that the transition to proof-of-stake will assist in reviving all the metrics of the Ethereum network. They include its total value locked (TVL), total sales volume, and most importantly, the price of Ethereum. Nonetheless, it is still a wonder that a majority of the metrics are still down currently. For what it is worth though, the Merge has just started.
