Ethereum NFT Markets Tumble

Krutika Adani

Bitcoin NFT Growth Beating Ethereum

Recently, Bitcoin Ordinals have beaten their Ethereum counterparts in terms of growth in sales.

$49 Million vs $35 Million

Last week Bitcoin NFTs managed to sell $49 million worth of Ordinals whereas ETH NFTs just sold $35 million worth of such assets in the same week.

Lack of Utility Killing ETH NFTs

The slump in Ethereum NFTs were caused by the lack of utility as these digital assets were reduced to just collectibles.

Some Collections Sink 100%

Several NFT projects such as Mekaverse slumped nearly 100% causing a complete shutdown of those projects.

Which NFTs Will Survive This Slump?

Those NFTs which had some utility such as those associated with gaming platforms have a much better chance at survival than other classes such as art NFTs.