Top 7 Cardano NFT Marketplaces MUO – MakeUseOf
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Ethereum gas consumption landscape is transforming significantly as Non-Fungible Token (NFT) marketplaces no longer dominate the network’s gas usage. According to a report by Nansen, a crypto analytics platform, NFTs have fallen behind in doing the most in Ethereum gas fees.
Notably, while Ethereum’s transition to proof-of-stake, in an event known as “The Merge,” is anticipated to address high gas prices, investors are now exploring alternatives like Cardano, which boasts greater cost-efficiency following its recent Hydra upgrade.
Ethereum’s Gas Consumption Shift
According to data revealed by Nansen on Friday, there’s currently a noteworthy shift in Ethereum’s gas consumption patterns. NFT marketplaces, which once held the top spot, now account for a mere 3% of total gas usage.
Surprisingly, decentralized exchange (DEX) Uniswap has emerged as the primary gas consumer, representing 31.99% of gas consumption. This shift indicates a diversification in Ethereum’s transactional activity and a reduction in NFT-related gas usage. Nansen noted:
Gone were the days of NFTs topping the Ethereum gas-consuming charts. This week, of the top 20 gas consumers, OpenSea and Blur accounted for less than 10% combined. And against all gas consumers, the NFT marketplaces were just over 3%. Uniswap in contrast was 10x more – 31.99%.
This substantial decline in NFT-related gas consumption can be attributed to various factors, including the network’s congestion caused by an influx of meme coin trading, notably the recently hyped frog-themed meme coin PEPE.
This surge in meme coin transactions resulted in heightened gas prices, prompting users to explore alternatives and alleviating the burden on NFT marketplaces.
Navigating the Gas Crisis
Ethereum‘s gas crisis has persisted despite The Merge, which is said to enhance scalability and reduce gas fees by migrating the network to a proof-of-stake consensus model. In response, some investors have sought solace in blockchain platforms offering cost-efficient alternatives.
With its recent Hydra upgrade, Cardano has gained attention for its ability to handle transactions more economically. The implementation of Hydra’s layer-2 scaling solution has positioned Cardano as a viable option for users seeking relief from Ethereum’s high gas prices.
The recent decrease in NFT marketplaces’ gas consumption marks a significant turning point in Ethereum’s gas crisis. As decentralized finance (DeFi) protocols and other transaction-heavy platforms take the lead in gas consumption, the burden on NFT marketplaces has lessened.
However, the broader Ethereum community anticipates the implementation of updates on the mainnet to address the persistent gas issues and improve scalability on the network.
Meanwhile, Ethereum’s price has experienced an upward trend in the past week, up by 2.4%. ETH has surged from a low of $1,771 seen last Friday to trading as high as above $1,800 later this week.
Ethereum market capitalization has also recorded huge gains in the past 7 days. ETH’s market cap has surged over 2% from a cap low of $215 billion to a high of $218 billion on Friday. Meanwhile, ETH’s daily trading volume has plunged throughout the week from a high of $10 billion last Friday to $5.5 billion in the last 24 hours.
Interestingly, the asset has picked up from where it left off, rallying 1.1% in the last 24 hours. ETH currently trades slightly above $1,800 with a price of $1,811 at the time of writing.
Featured image from Unsplash, Chart from TradingView
Cardano Foundation Partners With Rival To Develop NFT Marketplaces- Foundation partners with eSport and gaming platform — Rival.
- The partnership will give Cardano the ability to create and distribute NFTs on Rival.
The Cardano Foundation blazes on with its plans to further push the adoption and utilization of the Cardano blockchain. In a recent partnership, the world-leading Swiss non-profit organization announced its partnership with Rival Games. The prominent eSport and gaming brand delivers unique and interactive platforms for loyal fan engagement.
This partnership will facilitate the creation and distribution of NFTs and NFT-based digital assets. It will also facilitate the redemption of NFTs for goods and services. Even more, market-based royalties will enter the Rival platform.
Jeremy Firster — Head of Partnership and Executive Officer at Cardano, invited CEO of Rival — Matt Virtue for a virtual discussion about the partnership. Speaking on the recent model of fan engagement, Matt says,
The modern fan has gravitated from a one-on-one experience, now the consumption of content has moved more into interactive mobile experiences.
In the same way, what Cardano and blockchain technology bring to Rival gamers is an elevated experience. Hence, Rival’s 1.8 billion global users can buy NFTs and other digital assets authentically. All in all, these assets will provide much future value.
Talking about Rival’s NFT-based games, Matt says that the solution Rival games hope to deliver to all its brands is a newly identified experience. This is an experience in a transaction that doesn’t quite exist today in the physical world. Brands and organizations can build and launch various NFT campaigns.
Leveraging on competitiveness, loyalty, and social interaction, the NFT enablement does provide Rival with the unique access point to mint on behalf of its clients. Certainly, this creates a better experience for redemption.
Moreover, the beauty of NFT technology is that it enables gamers within the Rival ecosystem to earn, accrue, purchase, and own NFTs. In turn, if they can show proof of ownership, they can potentially earn physical or digital rewards.
To sum up, Rival is reforming the ability to bring digital assets into the physical world. They are doing so through the unique IP redemption process. For instance, you can win a jersey on the platform and get a physical one.
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