Ethereum dominates the non-fungible token (NFT) market: the revolution of sales

With a recent unprecedented sale of CryptoPunk, Ethereum stands out as a leader in the non-fungible token (NFT) market, generating over 32 million dollars in just 24 hours.

Let’s see below all the details. 

CryptoPunk: Ethereum’s triumph in the era of non-fungible tokens (NFT)

As anticipated, for the second consecutive day, Ethereum remains at the top of the non-fungible token (NFT) market, as reported by CryptoSlam.

In the last 24 hours, sales of NFT on Ethereum have exceeded $32.81 million. 

A significant contribution to this value was made by CryptoPunk #7804, sold for 16.38 million dollars, or 4,850 ETH, giving it the second place in the ranking of CryptoPunks with the highest value ever recorded.

This new peak in sales has further consolidated the primacy of Ethereum in the all-time sales volume, now standing at 43.30 billion dollars.

On the other hand, Bitcoin and Solana, classified respectively in second and third place on Thursday, have recorded a decrease in their sales performance. 

Sales of Bitcoin have decreased by 12% to $10.26 million, while Solana’s sales have decreased by 17% to $6.39 million.

The all-time sales volume of Bitcoin now stands at around $2.91 billion, while Solana, which holds the second place in the all-time sales ranking, has reached a total of $5.25 billion.

SEC uncertainties about Ethereum ETF: Thorn warns about likely delay

Alex Thorn, head of corporate research at Galaxy Digital, has indicated that the possibility of a spot Ethereum ETF in May is extremely low due to the positions taken by the SEC and their lack of commitment.

According to recent reports, the SEC is trying to classify ETH as a security. There are reports indicating that the SEC has issued various subpoenas to cryptocurrency companies regarding their ties to the Ethereum Foundation. 

According to Thorn, this, together with the lack of commitment from the SEC towards those requesting the ETF, raises strong doubts about the approval of a spot ETF on Ethereum. 

This position is significantly different from when the commission approved spot Bitcoin ETFs in January.

A Fortune report highlighted the SEC’s strenuous legal battle to classify ETH as a security. This report cited various subpoenas received by US companies as part of the investigation. 

Other reports claim that the Ethereum Foundation has been the subject of a confidential investigation by an unknown government agency, which led to the removal of the “warrant canary” from its website.

More reflections on Ethereum ETFs

Thorn, a former veteran of Fidelity Investments, speculated that the SEC might be interested in the interactions between cryptocurrency companies and the Ethereum Foundation. 

It could also be considered whether the 2014 Ethereum initial coin offering was an unregistered securities offering rather than considering the secondary trading of ETH as securities trading.

Thorn suggested that, although the SEC may distinguish between ICOs and secondary trading of ETH, coercive action against the Ethereum Foundation after almost a decade would be “extremely irregular”. 

His opinions reflect those of other market experts who doubt the approval of a spot ETF on Ethereum by May. 

One of them is Bitwise’s CIO, Matt Hougan, who suggested that delaying the approval of a spot ETF on Ethereum could have benefits. 

That is, allowing Wall Street to assimilate Bitcoin spot ETFs before introducing new ones. It also indicated that a delay could attract more resources.