Ethereum takes the NFT stage by storm with Ethscriptions

• Ethereum inscriptions launch with 10,000 Ethereum punk inscriptions in 24 hours.
• Ethereum dominance of the NFT space continues with blue-chip NFTs.

Recent reports suggest Ethereum is treading a similar path to Bitcoin when pioneering the inscription of NFTs on its platform. In line with the concept of Bitcoin inscriptions, a new feature called Ethscriptions has recently been introduced, and it has garnered a favorable response from users.

Realistic or not, here’s ETH’s market cap in BTC terms

Ethereum inscriptions

Capsule 21’s co-founder, Middlemarch, made an exciting announcement on June 16. He introduced Ethscriptions, an Ethereum-based inscription system inspired by Bitcoin’s inscriptions.

Ethscriptions enable the creation and sharing of digital works through Ethereum transaction calldata. Alongside this remarkable development, Middlemarch also revealed the launch of Ethereum Punks. It is a collection of non-contract punks akin to those found on Bitcoin.

Additionally, a glimpse at the Ethereum Punks page revealed that all 10,000 inscriptions were swiftly claimed, leaving none available at the time of writing. This overwhelming response reflected the enthusiastic reception of its inaugural inscription venture.

Current Ethereum NFT landscape

Ethereum’s smart contract capabilities and widespread adoption have paved the way for the emergence of the first set of prestigious NFTs, commonly known as blue-chip NFTs. A glance at the NFT rankings based on volume, sales, and market capitalization on DappRadar revealed that the top five NFTs were on the network.

As of this writing, Axie Infinity stood at the top of all-time NFT collections. With over 19.3 million in sales and a volume of over 4.2 billion. Following closely behind was Crypto Punks, boasting impressive sales exceeding 28,000, a remarkable volume surpassing 3.5 billion, and a market capitalization approaching $2 billion.

Furthermore, 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 reaffirmed the network’s dominant share in the NFT space, and the recent inscription launch holds the potential to attract even more attention to the platform.

Fees could see a spike

If we consider the impact of Bitcoin inscriptions and Ordinals, Ethereum will likely experience an increase in transaction fees. The popularity of inscriptions could bring about a higher volume of transactions on the network. The increase in transactions could then result in increased fees being generated.

According to Crypto Fees, on 16 June, Ethereum recorded the highest fees compared to other platforms, with daily fees surpassing 4.6 million. The average fees over the past seven days were also significant, exceeding 4.3 million.

How much are 1,10,100 ETHs worth today

Additionally, despite the launch of Ethscriptions, there doesn’t appear to be a noticeable impact on the number of active addresses within the last 24 hours. As of this writing, there were approximately 465,000 active addresses within that timeframe.

Source: Santiment