NFT Rise Led to Surge in Volume of Tezos Transactions and Smart Contract Activity

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NFT Rise Led to Surge in Volume of Tezos Transactions and Smart Contract Activity
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  • Ubisoft also announced support for Tezos-based gaming NFTs in December.
  • NFT platforms like the art platform FX Hash have increased interest.

Non-fungible tokens (NFTs) have been a significant driver of the Tezos network’s explosive growth over the last year, both in terms of smart contract addresses and broad acceptance. The Proof-of-Stake ecosystem has lately seen a surge in activity as it contends with Ethereum for NFT minting and markets.

The “State of the Network” report from Coin Metrics on Feb. 1 said that the volume of transactions incorporating smart contracts has increased from fewer than 10,000 per day in January 2021 to more than 50,000 per day in January this year. According to the findings, NFT platforms like the generative art platform FX Hash have increased interest, fueling the expansion. According to a press release, Ubisoft also announced support for Tezos-based gaming NFTs in December.

Environmental Concerns and Gas Fees 

As a result of the high Ethereum network costs, many NFT inventors and consumers are turning to Tezos as a replacement. Environmental concerns have sparked debate over Proof-of-Work networks’ usage of NFTs. To relieve these concerns, Tezos has been extensively promoted.

Over the last year, the number of active network addresses has increased from under 200,000 to over 600,000, representing an all-time high. Tezos-based NFT and Dapps are on the rise, as seen by this development.

It also counted the total number of daily ‘other transactions’ included in the study. August 2021 saw a jump in this number as the network began implementing an update that reduced block times by 50%. It jumped from 40,000 to 250,000 transactions a day and hasn’t dipped below that level since.

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