Via Bitcoin.com ETH Network Q1 Revenue Grew 46% to $2.4 Billion, Token Inflation Rate Drops to 0.51%
Meanwhile, the Bankless report revealed that non-fungible token (NFT) marketplace volumes rose by an astronomical 19,290% from about $606.3 million to $116.4 billion. Only the trading volumes of the “two largest generalized NFT marketplaces” namely Opensea and Looksrare. During the period under review, there “were 226,176 unique wallets to either buy or sell an NFT.”
With respect to the number of wallet addresses which held an ERC721 token — the token standard used to issue NFTs — the report said these rose 306% from 981,315 to 3.98 million. In terms of the floor price of Cryptopunks — a metric that tracks the lowest price at which the uniquely generated character is sold — the report revealed that this rose by 513% from 17.42 ETH to 106.87 ETH. Concerning the floor price of the Bored Ape Yacht Club (BAYC), the report said:
“While it launched in Q2 2021, the floor price of Bored Ape Yacht Club (BAYC), the most expensive profile-picture NFT collection by this metric, ended the quarter at 108.93 ETH which was worth ~$351,000 based on prices at the time.”
