The Non-Fungible Token market space has been in an uptrend and remained strong amidst the entire crypto market volatility since last summer.
Quite a large portion of the token transfers in the Ethereum ecosystem have been made within the NFT space over the last summer, according to data released by Coin Metrics in February.
According to the report, NFT transfers make up a larger percentage of Ethereum transfers than either stablecoins and ERC-20 tokens while daily trading volume and Non-fungible token transfers hover towards all-time highs.
Amidst the Downtrend, NFTs stay Up
Despite the digital asset market seeing major losses over the last few weeks, transfer activity in the NFT space grew massively in popularity and quantity.
Reports from Coin Metrics project that non-fungible tokens – usually based on Ethereum’s ERC-721 token standard – have surpassed both the stable coins and major ERC-20 tokens in terms of volume traded and total token transfer within the Ethereum ecosystem since last summer.
NFT adoption has grown rapidly over the last year and is becoming a dominant topic in the digital asset space that brings more users to the space than other crypto use cases. With one of the largest NFT marketplaces – OpenSea hitting a total market valuation of $13.3 billion last month, market activity in the non-fungible token market is near all-time high.
Asides the retail users and crypto enthusiasts, many major companies have also acquired assets in the NFT and Metaverse space. A notable mention is Facebook’s revamp to Meta and their plans to launch more metaverse-related products. YouTube’s CEO Susan Wojcicki has talked about the video streaming platform making plans in the NFT space, and Mc Donald’s released ten new trademarks related to virtual assets in February.