NFT News Today Official TheBitTimes.com

Once upon a time, several crypto community members were seen pouring millions of dollars into JPEG images of apes, punks, rocks, etc. However, the hype associated with NFTs fizzled out with the onset of the bear market. No significant improvement has been registered as of yet. Over the past 30 days, NFT sales on prominent blockchains like Ethereum, Polygon, Solana, Bitcoin, BNB, Cardano, etc. have dipped by 10% to 45%. A couple of chains, like Flow and Mythos Chain, were exceptions. Parallelly, the number of buyers has also been decreasing. Source: CryptoSlam Recent research conducted by dappGambl revealed that the vast majority of NFTs are worthless. Of the 73,257 NFT collections identified, around 69,795 of them had a market cap of 0 Ether. The report pointed out, “ This statistic effectively means that 95% of people holding NFT collections are currently holding onto worthless investments. Having looked into those figures, we would estimate that 95% to ...

Ethereum’s ‘Merge’ upgrade took place exactly a year ago, changing the network’s consensus mechanism from Proof of Work [PoW] to Proof of Stake [PoS]. Since then, not only has the energy consumption reduced, but Ethereum has also started seeing improvements on other fronts. The number of ERC-20 transfers taking place on the network has seen a swift incline over the past year. From revolving in the 300,000 to 500,000 pre-Merge, the number has now been hovering in the 1.25 million to 1.5 million bracket lately. This steep increase has been registered despite the sluggish market conditions, indicating that Ethereum network is being used more by users. From the utility point of view, this is an optimistic development. Source: Blockchair Also Read: 7 Chainlink Integrations Take Place on Ethereum, Base, Polygon Even though the transactions on the network are rising, it should be noted that Ethereum’s NVT has just created an 8 month high. A rising NVT...