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Ethereum Explores NFT Inscriptions with Ethscriptions

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TL;DR Breakdown

  • Ethereum introduces Ethscriptions, an inscription system inspired by Bitcoin’s inscriptions.
  • All 10,000 Ethscriptions were quickly claimed, reflecting the enthusiastic response from users.
  • Despite the Ethscriptions launch, the number of active addresses remains stable with approximately 465,000 users.

Description

In a move that mirrors Bitcoin’s foray into NFT inscriptions, Ethereum is making significant strides by introducing a new feature called Ethscriptions. This Ethereum-based inscription system has generated a positive response from users, drawing parallels with Bitcoin’s inscriptions and their impact on the crypto industry. Middlemarch, the co-founder of Capsule 21, announced Ethscriptions on June … Read more

In a move that mirrors Bitcoin’s foray into NFT inscriptions, Ethereum is making significant strides by introducing a new feature called Ethscriptions. This Ethereum-based inscription system has generated a positive response from users, drawing parallels with Bitcoin’s inscriptions and their impact on the crypto industry.

Middlemarch, the co-founder of Capsule 21, announced Ethscriptions on June 17, unveiling a groundbreaking system that allows the creation and sharing of digital works through Ethereum transaction calldata. In conjunction with this exciting development, Middlemarch also launched Ethereum Punks, a collection of non-contract punks similar to those found on Bitcoin.

Overwhelming Response: All 10,000 Ethscriptions Claimed Instantly

The Ethereum Punks page offered a glimpse into the enthusiasm surrounding this new venture, as all 10,000 inscriptions were quickly claimed, leaving none available at the time of writing. This overwhelming response demonstrates the eagerness with which the community embraced this inaugural inscription initiative.

Ethereum has emerged as a dominant force in the NFT landscape, thanks to its smart contract capabilities and widespread adoption. The platform hosts the first set of prestigious NFTs, commonly referred to as blue-chip NFTs. A closer look at the NFT rankings on DappRadar, based on volume, sales, and market capitalization, reveals that the top five NFTs are all on the Ethereum network.

Leading the pack of all-time NFT collections is Axie Infinity, boasting over 19.3 million in sales and a volume exceeding 4.2 billion. Close behind is Crypto Punks, with impressive sales surpassing 28,000, a substantial volume of over 3.5 billion, and a market capitalization approaching $2 billion.

The Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) secured third and fourth positions, respectively, showcasing the prominence of these Ethereum-based NFT collections. This data reinforces Ethereum’s dominant share in the NFT space, and the recent Ethscriptions launch has the potential to further enhance the platform’s allure.

Ethereum Records Highest Fees: Daily and Weekly Fee Statistics

However, with the rise of inscriptions, Ethereum may experience an increase in transaction fees. Just as Bitcoin inscriptions and Ordinals impacted fees on its network, Ethereum could encounter a similar spike due to the popularity of Ethscriptions. The higher volume of transactions on the network could lead to increased fees being generated.

Crypto Fees data indicates that on June 16, Ethereum recorded the highest fees among other platforms, with daily fees surpassing 4.6 million.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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