The latest data from Ethereum usage and gas guzzlers shows that the NFT marketplace, OpenSea, has outperformed the Uniswap platform. About 761 ETH has been spent for fees on OpenSea, while Uniswap V2 has recorded 355 ETH in the last 24 hours. It seems the NFT market is still very interesting and attractive for both users and digital artists. We can say that buying and selling NFTs on marketplaces is now hotter than exchanging or swapping tokens on DeFi platforms.
NFT Outperforming the DeFi
The NFT industry has experienced considerable growth in the past months. Many crypto enthusiasts, digital art lovers, and even amateur traders/collectors have joined the marketplaces where they can trade, collect, and publish NFTs.
OpenSea is one of the most popular platforms in this industry, with numerous features and tools for digital artists as well as buyers and collectors. It runs on Ethereum, and buying NFTs on the platform needs paying gas fees. The latest data from Etherscan shows that OpenSea has outperformed many Ethereum projects and has been the top gas guzzler in the network.
Gas guzzlers is a ranking on Etherscan that ranks the platforms on this blockchain. The 24h report shows that OpenSea users have paid about 761 ETH for transaction fees. It’s about $2.3M for only 24 hours. Great news for Ethereum miners. Although more gas compensation doesn’t necessarily mean more transactions, it shows that a lot of money is being traded on OpenSea. Way more than what is being transacted on the famous DeFi platform, Uniswap.
The interesting data about the Etherscan report is that Starchsin, Tether, and Axie Infinity are in the 2nd to 4th places above Uniswap in terms of gas compensation. Axie Infinity is another NFT-focused platform on Ethereum. It has recorded 300 ETH for gas fees in the last 24 hours that shows another signal confirming interest for NFTs. This blockchain game offers many opportunities for NFT lovers and has been successful in working with big names in the video game industry like Ubisoft.
The data about gas compensation on Ethereum sheds light on some of the important insights in the market. Ethereum is the most popular dApp platform, and studying the services that run on it, can help us find more about the market.
When NFT marketplaces like OpenSea and games like Axie Infinity are amongst the top gas guzzlers in this platform, we can expect the market to go this way. Newcomers are more interested in NFTs these days, and maybe the DeFi can’t attract them enough anymore.
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