21/01/2022 JPMorgan: Ethereum Losing Ground to Other Crypto in NFT Market Due to High Transaction Fees, Congestion

JPMorgan: Ethereum Losing Ground to Rival Cryptocurrencies in NFT Market Due to High Transaction Fees, Congestion

JPMorgan has told its clients that ethereum is losing ground to rival cryptocurrencies, such as solana (SOL), in the non-fungible token (NFT) market due to sky-high transaction fees on the network. “It looks like, similar to defi apps, congestion and high gas fees has been inducing NFT applications to use other blockchains,” said JPMorgan.

Ethereum Losing Ground in NFT Market, Says JPMorgan

Global investment bank JPMorgan sent a note to clients last week explaining that ethereum is losing ground to rival cryptocurrencies, such as solana (SOL), in the non-fungible token (NFT) market.

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JPMorgan’s analysts, led by Nikolaos Panigirtzoglou, detailed that high gas fees and congestion have pushed NFT apps away from the Ethereum network. The analysts noted that Ethereum’s NFT volume share has fallen from 95% at the start of 2021 to around 80%.

Comparing NFT apps to decentralized finance (defi) apps, Panigirtzoglou wrote:

It looks like, similar to defi apps, congestion and high gas fees has been inducing NFT applications to use other blockchains.

JPMorgan’s global markets team found that the Solana network in particular has been seizing market share from ethereum in recent weeks.

The analysts warned that if the trend continues, it could impact ethereum’s price. At the time of writing, the price ofETHis $3,250.28 based on data from Bitcoin.com Markets. Panigirtzoglou elaborated:

If the loss of its NFT share starts looking more sustained in 2022, that would become a bigger problem for ethereum’s valuation.

Newer blockchains — such as Solana, Wax, or Tezos — are attracting NFT developers with much lower transaction fees, the JPMorgan report notes.

JPMorgan is not the only major investment bank that sees potential in solana. Bank of America said last week that solana couldtake market sharefrom ethereum and become the Visa of the digital asset ecosystem.

Arts

https://news.bitcoin.com/jpmorgan-ethereum-losing-ground-to-other-crypto-nft-market-high-transaction-fees-congestion/

Interesting NFTs
#28372
By OthersideDeployer
Genesis
José Delbo sent me his striking pencil sketch and powerful inked work, which I then interpreted in oil on canvas. I wanted to create a very painterly piece with obvious brush marks etc, but I was also aiming for a nostalgic feel, a kind of 1980’s superhero comic book look, the kind I grew up with. My goal with this animation was to try to recreate, in part, the creative process that both artists went through with the visual information I had. I was able to showcase my painting process more accurately as I could take photographs of my progress throughout. Consecutive images could then be layered like brush strokes over José’s drawing to create the impression that this was one continuous artwork from pencil, to ink, to completed painting. The representation of the line sketch at the beginning, then pencil/ink and lastly the paint layers being applied demonstrate both artists’ struggle for the right lines, tone, form, and colour until the work is finally completed. As the oil was still wet with each photograph the glare of my studio lights can be seen in the brush strokes. Eventually, the figure emerges and as it does, our hero comes to life, looking directly at the viewer -- but is he grimacing in approval or disgust? We will never know for sure as just before he can say anything, white paint is brushed across the canvas entirely and the process begins again. Only the bat is quick enough to escape.
/ TWO BLINDFOLDED EYES /
Trust your Intuition, two blindfolded eyes look much clearer than a blind mind.
Another Day In Paradise
Just as the book speaks to intelligence, the image in all its muteness speaks to the heart.
Gen 4 | abd SantaClaws
Ciao! I'm Gen 4 | abd SantaClaws. I enjoy slappin' da bass, hitting on yo' man, and staying woke. My great-great-great-great-great-great grandkitty lived with Princess Diana. I hope we can be pawmates.