All eyes are on Ethereum as it eclipses other blockchains in the NFT space. At $25 billion, Ethereum is now dubbed the leading blockchain in terms of all-time sales volume.
As of May 31, the crypto has reached $27.50 billion in total sales volume. Ethereum is the topmost blockchain for NFT transactions such as holding, buying, and selling NFT collectibles.
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Ethereum is now dubbed the leading blockchain in terms of all-time sales volume (The Daily Hodl).
Ethereum HODLers Aggressive Despite Market Crash
The recent uptick in total sales volume is a breakthrough for Ethereum, considering that it has been bearish as it dipped below $2,000 this month with a poor market cap that’s under $250 billion.
Hodlers have held more than half of the ETH in circulation for more than a year despite the bearish outlook. They started beefing up their ETH balances in January 2022, and their balance grew following every crash.
Most HODLers accumulated ETH during price crashes as the coin continues to push through the pain below $1,800. ETH HODLers continue to buy and hold ETH despite the market turmoil because they are eyeing a long-term outlook on their accumulated ETH.
With this recent climax, Ethereum now trumps Solana, Polygon, Ronin, Flow, WAX, Waves, Avalanche, Panini, Palm, Binance Smart Chain (BSC), and Tezos, who are all locking horns to shoot for the top sales volume.
Why NFT Projects Are Mostly On Ethereum
Ethereum also happens to be the proponent of NFTs and the leader of all blockchain networks. More NFT creators prefer the blockchain because their digital collection sells higher on the platform compared to other blockchains.
The crypto is known for its high-end data architecture and tight security. It’s also considered the leader in the DeFi market, with most NFT projects running on the platform.
Being the most prominent blockchain, ETH provides NFT projects with increased visibility in the NFT space. Three of the highly 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
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A spike of 148% in the gush of unique buyers came in from August, which prompted its all-time high in new buyers in January 2022. The number of unique ETH buyers started to surge from August 2021, with total sales transactions totaling 772,859 and 139,944 unique buyers.
Total sales volume is at $3.75 billion. For January this year, Ethereum had complete transactions shooting at 1.27 million and 347,186 unique buyers.
May 2022 also enabled an all-time high for ETH in sales volume with over $3.98 billion.
This article was first published on Cointelegraph.com
Featured image from ethereum.org, chart from TradingView.com