Transfers of non-fungible tokens (NFTs) in have outpaced transfers of stablecoins and altcoins, while the supply of Wrapped (WBTC) has remained relatively stagnant since the end of last year.
These are two of the main takeaways from Coin Metrics’ latest State of the Network update. It details how ERC-721 transfers outperformed stablecoins and altcoins on Ethereum starting last July and have continued to widen the spread between them ever since. ERC-721 is the standard token for NFTs on the Ethereum network.
- TreasureDAO engineer allegedly involved in dubious NFT projects in the past
NFT transfers topped 50,000 daily on average starting in late July and haven’t dipped below that line since. Daily NFT transfers now average over 300,000, a 600% increase since July.
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