• Ethereum’s NFT activity indicates dwindling interest.
• Ethereum sees midweek network activity surge reflecting a surge in demand.

Just two years ago, the NFT market was one of the hottest segments in DeFi, with Ethereum as the leading network. Fast forward to the present and NFT demand is a fraction of what once was. But just how bad is the state of the NFT segment especially on the Ethereum network?

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Santiment’s total NFT trades count metric revealed that the demand was down considerably especially in the last 12 months. For perspective, the Ethereum blockchain registered around 6,444 peak NFT trades count recorded on the Ethereum blockchain on 19 March. Fast forward to the present and the count tallied at 13 in the last 24 hours at press time.

Based on the above data, it could be stated that the NFT trade count was down by 99.97% from its peak levels to its current levels. NFT volumes on Ethereum also slowed down so much that the decentralized social network Friend.tech managed to overtake it in terms of daily trading volume.

.@friendtech keys daily trading volume exceeded that of total NFT trading volume on Ethereum for the 3rd time since the decentralized social media app’s launch. On Sept 9, daily trading volume for https://t.co/ZhbqCaclRK keys was $12.3m, while daily NFT trading volume was $9.2m. pi

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Author: Michael Nderitu

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