Ethereum outperforms other blockchains in NFT space, so all eyes are focused on Ethereum. Ethereum is $ 25 billion and has been called the major blockchain in terms of sales volume to date.
As of May 31, total cryptocurrency sales reached $ 27.50 billion. Ethereum is the top blockchain for NFT transactions such as holding, buying and selling NFT collectibles.
Recommended Reading | South Korea Invests $ 177 Million in Metaverse Project
Ethereum is now dubbed the leading blockchain in terms of all-time sales volume (The Daily Hodl).
Aggressive Ethereum HOD Lers despite market collapse
The recent increase in total sales is a breakthrough for Ethereum, given that it was bearish with a market capitalization of less than $ 250 billion this month and a market capitalization of less than $ 2,000.
Hodlers has been distributing more than half of ETH for over a year, despite the bearish outlook. They began to strengthen their ETH balance in January 2022, increasing the balance with each crash.
Most HOD Lers have accumulated ETH during price plunges as coins continue to overcome the pain of less than $ 1,800. ETH HODLer focuses on the long-term outlook for accumulated ETH, so it continues to buy and retain ETH despite market turmoil.
At this recent climax, Ethereum now beats Solana, Polygon, Ronin, Flow, Wax, Wave, Avalanche, Panini, Palm, Binance Smart Chain (BSC) and Tezos.
Why NFT projects are primarily in Ethereum
Ethereum is a supporter of NFTs and a leader in all blockchain networks. More NFT creators prefer blockchains because their digital collections sell higher on the platform compared to other blockchains.
Cryptography is known for its high-end data architecture and strict security. In addition, most NFT projects are running on the platform and are considered the leader in the DeFi market.
ETH, the most prominent blockchain, gives NFT projects greater visibility in the NFT space. Three of the most popular ETH-based NFT marketplaces are OpenSea, Rarible, and Nifty Gateway.
ETH total market cap at $218.5 billion on the daily chart | Source: TradingView.com
Recommended Reading | Investors “opportunistically” sold out crypto that BTC saw to hit $ 65,000 by 2023
The surge in unique buyers surged 148% from August, with new buyers hitting record highs in January 2022. The number of unique ETH buyers began to surge in August 2021 with a total sales transaction of 772,859. 139,944 unique buyers.
Total sales are $ 3.75 billion. In January of this year, Ethereum made a full deal, gaining 1.27 million and 347,186 unique buyers.
In May 2022, ETH sales exceeded a record $ 3.98 billion.
Featured image from ethereum.org, chart from TradingView.com