Recent reports have indicated that Ethereum is following the same path as Bitcoin by taking a pioneering role in NFT recording on its platform. Ethereum introduced a new feature called Ethscriptions, similar to the concept of Bitcoin Blockstream Satellite, and it received a positive response from the user community. Ethscriptions allow information to be recorded on the Ethereum blockchain and provide a layer of protection and authentication for digital content. This feature opens up many new creative opportunities in the use of Ethereum and NFT.
Ethereum subscriptions
Middlemarch, the co-founder of Capsule 21, announced Ethscriptions, an Ethereum-based name engraving system inspired by name engraving on Bitcoin. Ethscriptions allows users to create and share digital works through calldata trading on Ethereum.
Middlemarch also revealed the launch of Ethereum Punks, a collection of non-contractual word games similar to Bitcoin puns.
The Ethereum Punks website confirmed that all 10,000 inscriptions were promptly confirmed and no more inscriptions are available. This reflects the positive response and enthusiastic reception to the project’s first name engraving project.
Current Ethereum NFT Background
Ethereum’s ability to implement smart contracts and its popularity facilitated the emergence of the first prestigious group of NFTs, commonly known as blue-chip NFTs. The NFT rankings based on volume, sales and market capitalization on DappRadar show that the top NFT projects are all present on the Ethereum network.
Axie Infinity is at the top of the NFT collections, with over 19.3 million copies sold and a total value that has surpassed $4.2 billion. Next up is Crypto Punks, with impressive sales of over 28,000 ETH, a notable trading volume of over 3.5 billion ETH, and a market capitalization of nearly $2 billion.
Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) also came in at third and fourth, demonstrating the prominence of Ethereum-based NFT collections. This data shows Ethereum’s dominance in the NFT space and the recent subscription feature launch could draw more attention to the platform.
Fees can spike
If we consider the impact of Bitcoin subscriptions and Ordinals, it could lead to Ethereum increasing transaction fees. The popularity of Ordinals can increase transaction volume on the network, and that increase can lead to increased fees.
According to Crypto Fees, on June 16, Ethereum recorded the highest transaction fees compared to other platforms, with daily fees exceeding $4.6 million. Over the last seven days, the average fee is also significant, exceeding $4.3 million.
However, it seems that the launch of Ethscriptions has not had a significant impact on the number of active Ethereum addresses within the past 24 hours. Currently, there are about 465,000 active addresses during that time.
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