- Ethereum inscriptions will launch with 10,000 Ethereum punk inscriptions in 24 hours.
- Ethereum dominance of the NFT space continues with blue-chip NFTs.
Recent reports suggest that Ethereum is on a similar path to Bitcoin in pioneering the enrollment of NFTs on its platform. In keeping with the concept of Bitcoin inscriptions, a new feature called Ethscriptions has recently been introduced and has received a positive response from users.
Realistic or not, here is the market cap of ETH in BTC terms
Ethereum inscriptions
Capsule 21 co-founder Middlemarch made a exciting announcement on June 16. He introduced Ethscriptions, an Ethereum-based inscription system inspired by Bitcoin’s inscriptions.
Ethscriptions make it possible to create and share digital works via Ethereum transaction call data. In addition to this remarkable development, Middlemarch also revealed the launch of Ethereum Punks. It’s a collection of non-contractual punks, similar to those on Bitcoin.
In addition, a look at the Ethereum Punks page revealed that all 10,000 inscriptions were quickly claimed, leaving none available at the time of writing. This overwhelming response reflected the enthusiastic reception of the inaugural enrollment company.
Current Ethereum NFT landscape
Ethereum’s smart contract capabilities and widespread adoption paved the way for the emergence of the first batch of prestigious NFTs, commonly known as blue-chip NFTs. A look at the NFT ranking by volume, sales and market cap at DappRadar revealed that the top five NFTs were on the network.
At the time of writing, Axie Infinity was at the top of all NFT collections of all time. With more than 19.3 million turnover and a volume of more than 4.2 billion. Closely followed by Crypto Punks, with an impressive turnover of over 28,000, a remarkable volume of over 3.5 billion and a market cap of almost $2 billion.
In addition, the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) took the third and fourth positions respectively, highlighting the prominence of these Ethereum-based NFT collections. This data reaffirmed the network’s dominant share of the NFT space, and the recent launch of subscriptions has the potential to draw even more attention to the platform.
Fees may see a spike
Looking at the impact of Bitcoin subscriptions and Ordinals, Ethereum is likely to experience an increase in transaction fees. The popularity of subscriptions could lead to a higher number of transactions on the network. The increase in transactions could then lead to higher fees.
According to Crypto charges, on June 16, Ethereum recorded the highest fees compared to other platforms, with daily fees exceeding 4.6 million. Average fees over the past seven days were also significant, over 4.3 million.
How much are 1,10,100 ETHs worth today
Moreover, despite the launch of Ethscriptions, there seems to be no noticeable impact on the number of active addresses in the last 24 hours. At the time of writing, there were about 465,000 active addresses within that time frame.
Source: Sentiment
