Ethereum NFT holders may gain a sense of security after reading this

ambcrypto.com:

According to data from DappRader, top sales of Non Fungible Tokens (NFTs) in the last 24 hours showed NFTs on the Ethereum [ETH] network in the lead. A Bored Ape Yacht Club (BAYC) NFT topped the list with the sale attracting 91 ETH, valued at over $120,000.

Now, the question is- Does ETH stand to emerge as the undisputed king of the NFT market with the ongoing developments in sight?

Source: Dappradar

The leading NFT network, Ethereum, had been criticized for its high energy consumption. Digiconomist, a platform indexing implication of digital trends, stated that the total annual energy consumed to secure Ethereum increased in 2021. The total energy consumed surged from 9 TWh to more than 81 TWh. 

However, Ethereum’s shift to PoS witnessed a shift in its energy consumption as well. Furthermore, as per Vitalik Buterin, the Merge reduced global energy consumption by 0.2%. 

Well, Ethereum’s move would thus, lower the barrier to the incorporation of NFTs into the mainstream. This was a result of NFTs being environment-friendly and shutting down initial reservations by critics. 

The recent market turmoil had an impact on the development and adoption of NFTs, as well as the major cryptocurrencies. According to Dune Analytics‘ data, NFT trading dropped significantly. NFT trading volume peaked in January at $17 billion and since dropped to roughly $470 million in September, posting a decline of 97%.

While the leading NFT collections including BAYC, Sorare, Mutant Ape Yacht Club, Otherdeed, and CryptoPunks witnessed a decrease in floor price and buyers and sellers over the past 30 days, Ethereum Name Service (ENS) was in the green.

Source: CryptoSlam

In comparison to other projects, ENS sales increased by over 127% over the past 30 days,