NFT News by Thebittimes.Com

Bitcoin transaction fees have soared above Ethereum’s amid a renewed appetite for Ordinals-inscribed assets. Average daily transaction fees on Bitcoin (BTC)  have flipped with Ethereum following a frenzy of Ordinals-related activity on the Bitcoin network.  On Nov. 20, the average daily transaction fee for Bitcoin stood at $10.34, while Ethereum’s transaction fees came to an average of $8.43, according to BitInfoChart data. Bitcoin’s average daily trading fee notched a new six-month high on Nov.16, reaching a peak of $18.67, while Ethereum fees reached $7.90. Bitcoin’s average daily fees have surged above Ethereum’s in the last five days. Source: BitInfoCharts The sudden uptick in Bitcoin transaction fees stems from a renewed market appetite for assets inscribed with the Ordinals Protocol — a tool for creating nonfungible token (NFT)-like assets and BRC-20 tokens on Bitcoin. Following a significant lull in activity between Sept. 25 and Oct. 23, Ordinals-based assets saw a drastic ...

Coin Metrics co -founder Nic Carter says Bitcoin hasn’t flipped Visa regarding annual transaction volume, referring to incorrect data aggregated by on-chain firms. Bitcoin (BTC) is not even close to those transaction volume levels that Visa deals with. At least that’s what Nic Carter, a partner at Castle Island Ventures and the co -founder of Coin Metrics, said in a recent post on X. The Coin Metrics co -founder said that Bitcoin on-chain value declined significantly in 2023. He noted that the network’s annual volume has not grown since 2021. Bitcoin’s annual volume compared to other financial systems | Source: X As per his calculations, BTC’s 2023 adjusted volumes are “annualizing at $3.1 billion,” which is one-fourth of Visa’s annual volumes. Carter says any claims to the contrary are based on “poorly adjusted measures of BTC on-chain settlement value.” “If you don’t strip out a lot of spurious chu...

A few weeks ago, the BitClout-like Friend.Tech launched its beta on Coinbase ’s new blockchain, a corporate version of Ethereum’s Optimism roll-up called Base. Friend.Tech quickly picked up steam as social media influencers sold shares in their online profiles to early speculators. Although Friend.Tech renamed ‘shares’ to ‘keys’ a few days after launch, it communicated to users that they participate financially in the X (formerly Twitter) influencers in whom they own shares (keys). Referral codes posted on X were snapped up quickly as personalities included pro sports players and OnlyFans creators joined. Revealingly, adult performers and crypto promoters are the two most valuable categories of Friend.Tech profiles today. Friend.Tech registrants lose money and leave Base Creating a Friend.Tech account isn’t the same as becoming a regular user. Indeed, many registrants never advanced past the screen that required them to send ETH in order to buy shar...

Transactions on Optimism recently eclipsed the Arbitrum network, but do the project’s fundamentals support a sustainable growth trajectory? Optimism (OP) is a Layer 2 scaling solution, which operates as a separate blockchain built on top of Ethereum. Despite having a smaller total value locked (TVL) than its rivals, Optimism may still have the potential to thrive in the increasingly competitive DeFi landscape.  Being one of the pioneers in the DeF space, Optimism initially gained an initial but had to contend with fierce competition. The project has been trailing behind other scaling solutions in terms of daily transaction s for the past six months. However, in late July, the situation changed as Optimism finally overtook its main competitor Arbitrum and is showing signs of increasing demand from users . The rise of Layer 2 scaling solutions The increase in Layer 2 activity on Ethereum has been significant, surpassing mainnet activity by more than four times, according to data from L...