Ethereum’s dominance in NFTs is shrinking because of congestion and high gas fees, a jpmorgan analyst report says.
The network’s market share of NFTs has dropped to around 80% from about 95% at the start of 2021, analysts led by Nikolaos Panigirtzoglou wrote in the note published last week.
Since August, the Solana blockchain has been capturing the most NFT volume share at the expense of Ethereum, the bank said, noting that was when the NFT market started a major expansion. Ethereum has also been losing market cap share to Solana in line with the declining NFT volume share. Because NFTs are the “fastest growing universe in the crypto ecosystem,” Ethereum’s share of this market is likely to be more important than its share of
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