NFT transactions on Ethereum have declined significantly, from 22% NFT dominance to 8.3% according to crypto analytics firm Glassnode. On the other hand, stablecoin transactions grew and took up the space originally conquered by NFTs. This declining interest from traders could affect the overall NFT market negatively.

NFTs on #Ethereum accounted for 18% to 22% of transactions during H1-2022.

However NFT dominance has since declined to just 8.3%, as interest in the space wanes during the bear market.

Stablecoin dominance has spiked since FTX from 10% to 12.5%.

(by Suzuki Shillsalot)