Bittime - Ethereum reaffirmed its position as king in the non-fungible token (NFT) space for the second day in a row, registering an extraordinary sales record. According to data from CryptoSlam, NFT sales on Ethereum reached more than US$32.81 million in the last 24 hours, as of Thursday at 12:30 ET.
This excitement was driven by the historic sale of CryptoPunk #7804, which sold for a fantastic price of US$16.38 million or the equivalent of 4,850 ETH. This sale makes CryptoPunk #7804 the second highest valued CryptoPunk ever, cementing Ethereum as a leading NFT platform.
Ethereum's dominance in the NFT market is further strengthened by its all-time total sales volume which has now reached a brilliant figure, namely US$43.30 billion, far surpassing its competitors.
On the other hand, Bitcoin and Solana, which ranked second and third on Thursday, actually experienced a decline in sales performance. Bitcoin sales fell 12% to US$10.26 million, and Solana sales plunged 17% to US$6.39 million.
Bitcoin's total all-time sales volume now stands at around US$2.91 billion, while Solana, which previously occupied second place, now has to settle for a total of US$5.25 billion.
Factors Behind Ethereum's Dominance in the NFT Market
Ethereum's success in dominating the NFT market cannot be separated from several key factors. First, the Ethereum network is well established and has a wide developer community. This has attracted the interest of well-known NFT creators and collectors to build and trade their digital assets on the Ethereum blockchain.
Second, Ethereum offers advanced smart contract functionality, enabling the creation of a variety of innovative NFT applications. Smart contracts are computer programs that run on the Ethereum blockchain and can automatically execute certain instructions when certain conditions are met.
This functionality allows creators to create NFTs with a variety of features and uses, such as exclusive access to content or experiences, even ownership rights to the real-world assets represented by the NFT.
Another advantage of Ethereum is the ERC-721 token standard , which is the most widely used technical standard for creating and trading NFTs on the Ethereum blockchain.
The ERC-721 standard ensures interoperability between various NFT platforms and applications built on Ethereum, making it easier for users to buy, sell, and trade their NFTs.
Check Today's Crypto Market:
Ethereum (ETH) Price Today
Source: Bittime.com
On March 22, 2024, the price of ETH (Ethereum) was at $3,474 per coin, down 1.95% in the last 24 hours.
Also Read How to Buy Crypto:
The Future of Ethereum in the NFT Market?
Even though Ethereum dominates the NFT market, several challenges remain that need to be overcome to ensure its future growth. One of the main challenges is scalability, where the Ethereum network can experience congestion and high transaction fees during periods of high activity.
Ethereum developers are working to overcome this challenge by developing a Layer-2 scaling solution , which can process transactions outside of Ethereum's main blockchain and then settle them on the main blockchain.
Another challenge facing Ethereum is high energy consumption. The transaction verification process on the Ethereum blockchain currently requires large amounts of computing power, which can have a negative impact on the environment.
Ethereum developers are working to overcome this challenge by switching to a Proof-of-Stake consensus mechanism , which is much more energy efficient compared to the Proof-of-Work mechanism used today.
Despite these challenges, Ethereum remains the unwavering leader in the NFT space. Record-breaking NFT sales and a well-established ecosystem make Ethereum the platform of choice for leading NFT creators and collectors.
With the development of scaling solutions and the transition to Proof-of-Stake, Ethereum has the potential to maintain its position as the king of NFTs in the future.
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How to Buy Ethereum (ETH) on Bittime
You can buy and sell Ethereum (ETH) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ethereum (ETH) is available on Bittime with the market pair ETH/IDR . To be able to buy ETH/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Ethereum (ETH) on Bittime.
Monitor price chart movements for Ethereum (ETH), Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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Bitcoin (BTC) on Watch! Sharp Post-FOMC Rise and $151 Million Short Liquidation
DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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