“Similar to defi apps, congestion and high gas fees has been inducing NFT applications to use other blockchains,” said JPMorgan. ethereum $ETH
JPMorgan: Ethereum Losing Ground to Other Crypto in NFT Market Due to High Transaction Fees, Congestion
JPMorgan’s analysts, led by Nikolaos Panigirtzoglou, detailed that high gas fees and congestion have pushed NFT apps away from the Ethereum network. The analysts noted that Ethereum’s NFT volume share has fallen from 95% at the start of 2021 to around 80%.It looks like, similar to defi apps, congestion and high gas fees has been inducing NFT applications to use other blockchains.
The analysts warned that if the trend continues, it could impact ethereum’s price. At the time of writing, the price ofIf the loss of its NFT share starts looking more sustained in 2022, that would become a bigger problem for ethereum’s valuation.
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