The entire figure of the smart contracts that are NFT-focused on Ethereum is seen to have successfully managed to hit another all-time high. After being successful over the past period of time they aim to reach even higher. On the other hand, they are still a mere tiny part of the whole ecosystem that has been noted in a recent report.
The over-all number of smart contracts of Ethereum ERC-721 that is an integral part of many of NFTs (non-fungible tokens), has recently witnessed a new record high.
According to the reports of CoinMetrics that was published on 23rd March, Tuesday, this new ATH has taken place after the ongoing NFT boom.
Record High Figure of Ethereum ERC-721
According to recent data, the number of smart contracts of Ethereum ERC-721 has lately touched a new record high of almost 19,000 owing to the reason that there is an ongoing ‘NFT mania’.
Ethereum utilizes ERC-721 for the purpose of creating non-interchangeable tokens as well as NFTs that are unique cryptocurrencies. These tokens have been used in order to produce digital products with scarcity in addition to music, video-game assets, and artworks.
Recently the space of NFT has exponentially expanded along with the trading volume in all the 3 leading NFT marketplaces that is inching closer to $342 million during the month of February alone and $12 million during December 2020.
Even though there is a considerable increase in the NFT sales volume, they have remained comparatively small within the Ethereum sector. On the other hand, the figure of ERC-721 contracts has spiked to approximately 19,000 which is a relatively small infraction within the massive 17.84M ETH smart contracts that are presently deployed.
