Will ETH relinquish the NFT throne? This data may force you to think…

by James · May 18, 2023

Bitcoin NFTs are starting to surpass Ethereum NFTs in terms of 24-hour volume.
Activity on the Ethereum network is slowing, and interest in staking remains high.

Since the inception of NFTs, Ethereum-based NFTs have dominated the market. Blue chip Ethereum NFTs such as BAYC and MAYC have been hugely sought after since their launch and their demand has not been paralleled in the markets.

Realistic or not, here is ETH market value in BTC’s terms

However, the dominance of these NFTs may soon wane due to the emergence of popular Bitcoin-based NFTs.

New kid around town

According to CryptoSlam’s data, the trading volume of Bitcoin Frogs NFT exceeded 2.27 million US dollars in the last 24 hours. The collection managed to outperform prominent Ethereum NFTs such as HV-MTL and BAYC.

Furthermore, the floor price reached 0.14 BTC. Along with that, the transaction volume of Bitcoin NFTs, including BRC-20, reached 7.6 million US dollars in the last 24 hours. This surpassed Solana and accounted for approximately 48.5% of the total Ethereum NFT volume.

This surge in interest in Bitcoin NFTs could threaten many blue chip NFT collections on the Ethereum network. The floor price of many of these NFTs had already started to decline.

According to NFTGO’s data, the floor price of the BAYC NFT collection has decreased by 12.83% in the last 30 days. In addition, the floor price of the MAYC NFT collection also fell, combined with a decrease in volume and sales of the NFT collection.

Source: NFTGO

The decline in interest in Blue Chip NFTs affected the overall Ethereum NFT market. According to Santiment’s data, NFT trades on the Ethereum network dropped significantly over the past 30 days.

Subsequently, gas usage on the Ethereum network was also affected. The last few weeks have seen major drops in Ethereum gas usage.

Source: Sentiment

Although activity on Ethereum has been declining, interest in betting Ethereum has never been higher.

Stakers remain optimistic

Based on data from Token Unlock, the month of May witnessed a new monthly high in Ethereum 2.0 staking, with over 2.2 million ETH deposited into the ETH2 staking contract. In addition, since the implementation of the Shanghai upgrade, the net share of ETH has passed 1 million, equivalent to approximately 2 billion US dollars.

On the contrary, the behavior exhibited by validators was the opposite. Staking Rewards data indicated that the number of stakers on the Ethereum network had fallen by 13.3% in the past month.