NFTs are non-fungible tokens, digital assets that exist on the blockchain. They can hold any number of properties and be traded or exchanged freely without intermediaries. However, many believe these products won’t see mass adoption if they remain too expensive to create for most game developers due to the high cost of storage required by NFTs.
The success of cryptocurrency has led to the creation of a decentralised digital economy. The tokens, assets and other things that can be bought on this new network are called Non-Fungible Tokens or NFTs for short. These items have value because they’re unique but there’s one problem: not everyone is able to buy themThe “where to buy nft tokens” is a question that has been asked by many people. This year, 17% of all Ethereum addresses have bought 80% of all NFTs.
According to a research by Moonstream, 17 percent of addresses control over 80% of all Ethereum-based NFTs.
Eth addresses 17% of NFTs and owns 80% of them.
The study looked at over 7 million NFTs transactions on the second-largest blockchain between April 1 and September 25, 2021, and found that just a few of these addresses, 17 percent of them, were responsible for about 80% of all Ethereum-based NfTs.
During the same time, the remaining over 80% of addresses were only able to get a meager amount of NFTs, according to the report.
As a result, the paper concluded that “the Ethereum NFT market (is) an open and free market with the same types of wealth inequalities as a traditional market.”
The bulk of the addresses in the 17 percent might be from “marketplaces and clearinghouses like OpenSea, Nifty Gateway, and other platforms of the same ilk,” according to Moonstream.
We found transfer activity for 7,020,950 tokens from 9,292 NFT contracts over 727,102 addresses in these 1,145,767 blocks. The dataset is built around these mints and transfers.
Moonstream agreed that the NFT market was still “open in the sense that the great majority of its players are small-time customers who presumably make their purchases manually” after distilling the data. For individuals who want to join in this industry, there are minimal hurdles to entrance.”
Because it is more or less a duplication of the Pareto Principle or 80/20 rule, a Reddit member known as Xddemonesque quickly compared the scenario to the Pareto Principle or 80/20 rule.
According to the Pareto principle, 80% of results are the result of 20% of causes. “Fascinating to see the Pareto principle more or less prevail in a market as avant-garde and historically “irrational,” said one Reddit member.
Moonstream’s data was gathered mostly from ERC 721 tokens, omitting tokens from Layer 2 networks and centralized Application Programming Interfaces (APIs).
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Related Tags
- what are nft tokens
- nft sales
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