Between April and September, 81% of NFTs on Ethereum were snapped up by just 16.71% of addresses. They therefore have the strong valuation of non-fungible tokens.
Some users of the Ethereum blockchain obviously understood very early on the full growth potential of NFTs in terms of valuation. It is true that the market started to explode at the end of 2020.
However, it is above all this year that the value of non-fungible assets has exploded. However, the Ethereum blockchain alone hosts just over 80% of transactions on NFTs.
A “handful of tokens” for 83% of addresses
It is therefore essential to have an Ethereum address to monetize these precious digital assets. This is what some whales are doing, very active in the NFT token market.
Thus, according to a study by Moonstream, approximately 17% of the addresses, whales, seized between April 1 and September 25 of 80.89% of the NFTs put up for sale via services on Ethereum.
Clearly, over this same period, the remaining 83.29% of NFT owners could only acquire a “handful of tokens”. However, in recent months, the value of NFTs, in particular of certain listed projects such as CryptoPunk, has risen sharply.
Moonstream, however, wishes to weigh the results of its investigation. Indeed, among the whales are players in the NFT value chain, including marketplaces like OpenSea.
However, on Ethereum, OpenSea currently occupies the first place in terms of transaction volume. The marketplace is not in itself a holder of non-fungible tokens, but an intermediary.
Inequalities, but NFTs accessible to children
Another clarification, the study data relates exclusively to the ERC 721 tokens, an Ethereum standard. However, they do not include operations involving Layer 2 networks, such as Polygon.
However, these networks play an important role. They help to lower transaction costs on Ethereum. Blockchain congestion regularly results in fee inflation, which can discourage small buyers or small-value transactions.
Despite the “Great inequality”Highlighted by Moonstream regarding the ownership of NFT on Ethereum, the company considers the market inclusive. Thus, the majority of NFT holders would fall into the category of “small investors“.
And these purchases could prove to be very profitable in the long term given the inflation of the prices of these assets. Platforms like Sorare, Axie Infinity or Parallel, which offer collectable cards, are very popular. What to generate scarcity.
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