Open-source blockchain Tezos has seen a surge in transactions and smart contract activity over the past year. The primary driving force behind this development is the growing demand for non-fungible tokens (NFTs).
A report by Coin Metrics states that the number of transactions involving smart contracts over the past year is over 50,000 per day. This is a substantial jump from the 10,000 per day it averaged in January 2021. Currently, the number of active addresses on the Tezos network is at a record high of more than 45,000. Furthermore, active smart contract addresses tripled in a year from barely 200,000 to more than 600,000. This development is valid proof that more NFT and decentralized applications tend to favor Tezos.
Recent Tezos NFT activity has been so pronounced that the proof-of-stake ecosystem now looks to compete with Ethereum, which has the highest number of NFT-related causes, including minting and markets. However, the high Ethereum network fees are also causing NFT buyers and creators to seek out alternative networks such as Tezos. Furthermore, Tezos currently says that it has a dedicated carbon-neutral portal for all its NFT marketplaces. In addition, the open-source blockchain also suggests that transaction fees cost next to nothing.
Tezos’ native token XTZ gained 6.7% within the last 24 hours and is now trading at $3.77.
Image Credits: Pixabay
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