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NFT Transfer Activity on Ethereum Exceeds That of Stablecoins, ERC-20s

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Key Takeaways

  • NFT transfers make up a greater share of Ethereum transfers than either stablecoins or ERC-20 tokens, according to research published today.
  • Daily NFT transfers remain close to all-time highs.
  • Despite some pullbacks in the markets, interest in NFTs has resisted slumps.

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NFTs have made up a relatively large portion of the Ethereum ecosystem in terms of token transfers since last summer, according to data released from Coin Metrics today. Moreover, the number of non-fungible token transfers still hovers near all-time highs. 

Despite Downtrends, NFTs Remain Popular

While markets may have suffered losses in recent weeks, NFT activity remains as popular as ever.

According to Coin Metrics’ State of the Network Issue today, non-fungible tokens—usually based on Ethereum’s ERC-721 token standard—have been beating out both stablecoins and major ERC-20 tokens in terms of total token transfers within the Ethereum ecosystem since July of the so-called NFT Summer of 2021. 

NFT transfers currently sit near all-time highs. Coin Metrics’ data…

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