• Non-fungible token (NFT) dominance on Ethereum has rebounded to 22%, suggesting that NFTs may be making a comeback.
• According to the latest weekly report from Glassnode, the NFT dominance on Ethereum had dropped to only 13% just a while ago.
• The value of this metric has increased for NFTs, meaning that the token is now making up for a higher part of the total gas consumption on the Ethereum network and is seeing relatively higher usage from holders than the other transaction types.

Non-fungible tokens (NFTs) have been gaining traction in the crypto space in recent months, and it looks like Ethereum is now leading the way in terms of NFT usage. According to the latest weekly report from Glassnode, the NFT dominance on Ethereum has rebounded to 22%, suggesting that NFTs may be making a comeback.

The “dominance” here is based on the percentage of the total gas usage on the ETH network that a particular transaction type is consuming right now. When the value of this metric increases for a specific type of token, it means that the token is now making up for a higher part of the total gas consumption on the Ethereum network and is, thus, seeing relatively higher usage from holders than the other transaction types.

As ETH has a very diverse ecosystem thanks to its smart contracts, the network hosts a large variety of transaction types, each corresponding to the different applications built on the blockchain. Some of the most popular such applications include ERC20 tokens, NFTs, bridges, MEV bots, and DeFi. The value of the metric seems to have gone up for non-fungible tokens in recent days, indicating that the interest in these tokens is increasing, and that Ethereum is becoming the go-to place for NFTs.

This resurgence of interest in NFTs has been further corroborated by the recent success of some of the most popular NFT platforms, such as OpenSea and CryptoKitties. OpenSea, in particular, has experienced immense growth in the past few months, with the platform’s total transaction volume increasing by more than 1000% since October 2020.

The increased interest in NFTs is also being driven by the emergence of new use cases for these tokens, such as tokenization of real-world assets and virtual items, as well as the development of NFT marketplaces. This has led to an influx of new users into the NFT space, which is driving up the demand for these tokens and pushing their prices higher.

Overall, it looks like NFTs are making a strong comeback on the Ethereum network, and it will be interesting to see how the ecosystem develops in the coming months. With more and more developers creating new applications and platforms for NFTs, there’s no doubt that the space will continue to grow and develop in the near future.