NFT Vs. DeFi: NFT Activity On Ethereum Rises While Bitcoin Demand On DeFi Falls
25 Febbraio 2022 - 7:45PM
NEWSBTC
NFT activity is an important element in the Ethereum blockchain,
accounting for most network transfers. Demand for Bitcoin in the
Ethereum ecosystem has decreased dramatically since the beginning
of the year. The surge in demand for NFTs and DeFi applications is
helping Ethereum supporters to muffle the noise of Bitcoin
maximalists who have long insisted that only the original
cryptocurrency mattered most. Since the creation of the Ethereum
blockchain, the case for Ether eclipsing Bitcoin has been a
recurring subject in crypto. Bitcoin maximalists claim that it is
still the ultimate type of digital money, stressing that the first
cryptocurrency has a valuation of about $810 billion, which is more
than twice Ether’s $310 billion. NFT Activity Vs DeFi’s The crypto
market is diverse. Under the domain of blockchain technology are
two popular applications: NFT and DeFi. Both applications provide
huge opportunities in the crypto market. NFTs offer a value
proposition while DeFi delivers a platform for financial services
and transactions. The engagement in both has risen sharply. The
primary distinction between NFT and DeFi is that NFT refers to
individual digital assets, whereas DeFi refers to the
internet-based financial system. NFT holds a unit of data that is
unique and non-interchangeable, whereas DeFi runs on smart
contracts on blockchain on its platform and eliminates
intermediaries. Total crypto market cap at $1.691 trillion in the
daily chart | Source: TradingView.com Related Article | Jam City to
Drop Champions: Ascension NFTs This Week, Announces Price and
Holder Perks NFTs Boost ETH Market Despite the broad slump in the
crypto market, non-fungible tokens have been trading at all-time
highs in recent months. Furthermore, starting July 2021, NFT
network transfers have overtaken Stablecoins and all ERC-20 tokens.
NFT adoption began to accelerate near the end of last year, with
platforms such as OpenSea, the leading NFT marketplace,
experiencing record trade volumes. LooksRare, which debuted on
Ethereum in early January, had more than $2 billion in trade
activity in its first 30 days. The Ethereum community has taken up
that role to a much greater extent, and that type of blockchain
development is currently experiencing a bullish phase in
cryptocurrencies. NFT Seen Climbing Higher Many observers predicted
that Ether would continue to rise as the demand for NFT rises.
Market data suggests that the market will rise exponentially in the
coming months. In 2017, the Ethereum blockchain of smart contracts
served as the foundation for DeFi. Maker DAO was the first
well-known DeFi platform. DeFi is thought to account for two-thirds
of the cryptocurrency market. The increasing interest in the DeFi
platform resulted in an increase in Ethereum developers and a
decrease in Bitcoin developers. Related Article | Leading
Blockchain XDC Network Signs Partnership With D.C. United for NFT
Marketplace Ethereum Beats Bitcoin Meanwhile, according to latest
data, Ethereum has surpassed Bitcoin in two metrics: On-chain
transactions and transaction fees produced. These are two
significant indicators since they represent the increased and
widespread use of Ethereum in the cryptocurrency sector. Ethereum
is also gaining ground in other indicators, such as active
addresses on each blockchain and aggregated trade volume on
exchanges. Featured image from Coingape, chart from TradingView.com
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