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Friday, August 12, 2022

Tezos Transactions And Smart Contract Activities Surge On NFT Demand

Smart contract activity in Tezos have surged in the last year as it had become a magnet for NFT activity.

The Tezos network had grown impressively over the past 12 months in smart contract addresses and general adoption, primarily driven by NFTs.

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Activity within the proof-of-stake ecosystem had a spurt of growth recently as it had set its eyes to compete with Ethereum for NFT minting and markets.

According to Coin Metrics’ “State of the Network” report, the number of transactions involving smart contracts has surged over the past year to more than 50,000 per day from less than 10,000 per day in January 2021.

Tezos Network: What Is The Report Observe?

The report observed that the growth involving smart contracts has been driven by NFT platforms such as FX Hash seeing increased interest. Additionally, gaming giant Ubisoft also announced XTZ support for gaming NFTs in December.

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High Ethereum network fees are driving NFT creators and buyers to alternative networks such as Tezos. 

The network has a portal for all Tezos-based NFT marketplaces, which it claims are “carbon-neutral” with network fees that are “less than a penny.” NFTs have caused controversy due to the environmental issues around minting and trading them on proof-of-work networks. Tezos has been widely touted as an alternative to alleviate these concerns.

Active addresses on the network are at an all-time high of over 45,000, while active smart contract addresses have tripled from under 200,000 to over 600,000 over the past 12 months. 

This highlighted the growth in NFT and decentralized applications that are using Tezos.

The research also measured the total number of daily transactions, labeling it as “other transactions.” This figure spiked in August 2021 when the network launched an upgrade to cut block times in half. From a steady 40,000 daily transactions, it surged to over 250,000 and has remained at those levels ever since.

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