According to data from Glassnode, Ethereum’s gas dominance rose to 22 per cent, which may suggest that non-fungible tokens are coming back into the spotlight.
In Glassnode’s weekly report, experts analysed the data difference between a while ago, when Ethereum’s NFT dominance decreased to just 13 per cent, and now, when it rose to 22 per cent. Here, dominance represents the total amount of gas used on Ethereum consumed by a particular type of transaction.
When the dominance increases for a certain asset, it means that its gas usage on Ethereum has increased. So, this would mean there is more activity involving that particular token on the Ethereum blockchain.
Since Ethereum has a varied environment due to the introduction of the smart contract, the blockchain contains multiple transaction varieties. Each type correlates with various apps built on the network. Of these apps, those which are most in-demand include DeFi, NFTs, ERC-20 tokens, and MEV bots.
Ethereum’s NFT gas dominance fell to 13 per cent following previous high levels in both 2021 and 2022. The decrease translated into fading interest from investors in NFTs following lower transaction numbers. However, recently the NFT gas consumption on ETH has risen to about 22 per cent.
