Less than 17% of Ethereum addresses control 80% of the NFT…Details here
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Answer Less than 17% of Ethereum addresses control 80% of the NFT…Details here
A new report has revealed that a significant portion of all Ethereum-based non-fungible (NFT) tokens are held by a small number of addresses on the network.
The report was published on October 21 by open source blockchain analytics firm Moonstream and focuses solely on NFT built on the ERC 721 standard.
According to the report, the study and analysis were based on a survey conducted on more than 7 million NFT transactions on the Ethereum blockchain between April 1 and September 25, 2021.
The result was:
Inequality in NFT distribution among Ethereum addresses:
The results of the “Moonstream” report show that about 16.71% of all addresses that transact NFT on the Ethereum blockchain own 80.98% of the NFT.
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The same report also indicated that 16.71% represents several NFT platforms and trading platforms that deal with thousands of these digital tokens simultaneously.
The report stated that there is also a large disparity in the Ethereum NFT market, meaning that the top 16.71% of NFT owners control 80.98% of the NFT.
Seeing such a high percentage of addresses dealing with NFTs on the Ethereum network controlling more than 80% of the total available supply leaves around 83.29% of the remaining holders sharing 19.02% of the tokens within the reporting timeframe.
Easy Entry to the NFT Arena:
Although the results of the report indicated inequality in the distribution of NFT, they also indicated that the market remains open to everyone, whether on a small or large scale.
What was stated in the report:
What this data shows us is that the Ethereum NFT market is open in the sense that the vast majority of its participants are small buyers who are likely to make their purchases manually.
There are few barriers to entry for those who wish to participate in this market.
The NFT market has exploded in recent months, and soon millions of interested parties, including investors, collectors, developers and exchanges, jumped in.
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Excitement is building as institutional investors join the NFT mania and sales surge to record levels.
Between July and September alone, the NFT market generated a whopping $10.7 billion in sales.
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