• There has been a hike in NFT and DeFi activity on Ethereum.
• Despite the high demand for ETH, its supply continues to fall.

The Ethereum [ETH] network has experienced a surge in activity around non-fungible tokens (NFTs) and decentralized finance (DeFi) in recent weeks, on-chain data reveals.

This growth in network activity follows an extended period of decline when NFT sales volume and DeFi total value locked (TVL) plummeted to new lows.

Ethereum’s NFT and DeFi ecosystems

In November, Ethereum-minted NFTs recorded a sales volume of $348.61 million, according to data from CryptoSlam.

AMBCrypto found that this marked the first time since February that the chain would record a month-over-month (MoM) uptick in sales volume.

For context, Ethereum registered an NFT sales volume of $949.49 million in February. However, as bearish sentiments ravaged the entire crypto market in the first and second quarters of the year, NFT trading activity declined severely. 

Data from NFTGo showed that general NFT market capitalization peaked at $10 billion on 20th February and has since trended downward. 

Between February and October, NFT sales volume on Ethereum fell by 82%. However, general market sentiments improved in November, leading to a resurgence in NFT trading activity.

Last month, general NFT market capitalization grew by 39%. Mirroring the growth in the general market, Ethereum’s MoM sales volume climbed by 108%. 

Regarding its DeFi vertical, it also experienced growth in TVL. Data from
Go to Source to See Full Article
Author: Abiodun Oladokun

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details