Ethereum 2 resists network threat and remains the king of NFTs

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Despite increasing competition from Bitcoin and Solana, Ethereum continues to rule the world of non-fungible tokens (NFTs).

NFT transaction volume on the network created by Vitalik Buterin is reaching its yearly peak, demonstrating users’ continued resiliency and preference for Ethereum.

According to data from The Block Explorer, the Ethereum network, between the weeks of February 4 and 11, sales volume reached $147 million. Collectively, the volume of all networks working with collectible tokens was $278 million.

This means that Ethereum was the leader in the field with 53% of the transaction volume in that period, followed to a lesser extent by Solana and the Bitcoin network, which had a commercial volume of close to $52 million.

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CryptoNoticias has seen how Bitcoin and Solana are looking to compete directly with Ethereum in the NFT sector. In the case of Solana, it does this by offering a faster and cheaper solution, and in the case of Bitcoin, its advantage is being the most secure network in the world.

A clear example of Ethereum’s supremacy is that its trading volume in 2023 was $8.54 billion, with a market share of 72%, making it the largest NFT network. For its part, Bitcoin, with the Ordinals protocol, gained only $1.5 billion.

The extensive ecosystem already developed in Ethereum works in its favor, which gives you a significant advantage over your competitors.

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Ethereum has been a breeding ground for a variety of projects and decentralized applications (dApps), which has contributed to its strength and diversification. This strength gives the network a unique position that is difficult to compare with other networks, despite their efforts.

In a market where competition is fierce, Ethereum shows that community trust and adoption are key elements to maintaining our leadership.

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