ETH NFT activity only increased for 5 weeks in a row: data

ETH NFT activity only increased for 5 weeks in a row: data

While the popularity of non -fungible tokens (NFTS) decreased significantly last year due to the dwindling investment mood, the asset class has again been wins in the user since the beginning of the year.

The NFT market has experienced a strong activity in the past few weeks, since the wider crypto market gradually recovered from the 2022 cryptow interior. New data indicate that Ethereum-based NFTs have experienced a massive increase in activity in recent weeks.

Ethereum NFT projects record increased user activities

according to Data provided by Nansen data journalist Martin Lee, Ethereum-based NFT projects recorded an increase in their weekly transactions in five consecutive weeks.

According to the information, the general upward trend began with this weekly number of transactions on November 4, 2022, whereby the latest transaction volumes reached the highest levels of more than 700,000 weekly.

on the leading NFT marketplace OpenSea was a significant part of these transactions, closely followed by mints, looksrare and X2Y2.

In addition to the high transaction volume, there has been a steady increase in Ethereum NFT users in recent weeks.

According to the data, the number of NFT users on Ethereum has increased in three consecutive weeks. There are almost 250,000 NFT users in the network, whereby OpenSea also makes up the majority of this number.

nft Wash Trading is still a problem

NFTS has been one of the most prominent parts of Web3 in the past three years. The NFT market recorded explosive growth during the bull run in 2021, but this growth was not constant and flattened in 2022.

However, the market quickly gains dynamics, and thanks to some popular projects, the mood of investors is renewed.

With the growing popularity of digital collectors, the NFT marketplace sector has increasingly become more competitive because new platforms are constantly being introduced. The influx of new NFT marketplaces has opened the door to the washing trade.

according to A last report were almost 60 % of all NFT trade volumes in Ethereum in 2022 Wash trading, with several marketplaces themselves involved in this activity.

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