• 30 May, 2024
News

Ethereum’s NFT Dominance Challenged As Blast Network Surges Ahead in Volume

Ethereum has long reigned supreme, particularly in the realm of non-fungible tokens (NFTs). However, a recent shift in the tides suggests a challenger to its dominance: the Blast network. As highlighted by NFTstats.eth, an analytic firm, over the past 24 hours, Blast NFT collections like PAC REKT, Blastopians, and Plutocrats have collectively surged, outpacing Ethereum’s NFT market in terms of volume across exchanges.

This seismic shift in the NFT sector underscores a potential reconfiguration in the hierarchy of blockchain platforms. Ethereum, which once was an undisputed leader, is now facing fierce competition from networks like Blast. The trend continues to be supported by data from CryptoSlam where Ether-based NFT collections have not been among the new monthly sales’ leaders across a period.

Analysts suggest that different aspects including a scalability problem that bedevils Ethereum network and an emergence of new and fast networks with low service fees cause the shift. Additionally, the allure of exclusive collections and innovative features on platforms like Blast has attracted a growing number of NFT enthusiasts, diverting attention away from Ethereum-based projects.

Source: Santiment

The analysis of Ethereum forecasters again lends credence to this point of view. On the other hand, Ethereum recorded a bullish period from February to late March, which was characterized by an upward price movement accompanying the increased trading of NFTs; the coin has now entered a period of bearish correction. Despite notable support levels at $2,112, $2,689, and $3,112, Ethereum faces formidable resistance at $3,823 and $3,550, hindering its ability to reclaim previous highs.

Source: Santiment

Moreover, Ethereum’s price volatility appears intricately linked to network growth and velocity. While spikes in network growth initially correlated with price surges, subsequent declines in price suggest the influence of additional factors. The velocity of Ethereum, on the other hand, exhibits less direct correlation with price fluctuations, indicating a complex interplay of market dynamics at play.

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