One of the largest NFT events in history happened yesterday as 18k+ addresses (The Sevens) looked to mint NFTs. This marked one of the highest record sustained mean gas price and consumption over a 10-min period in the history of Ethereum.

There is undeniable expansion in DeFi Protocol Usage, while token evaluation struggles to keep pace. Dramatic sell offs of NFTs continue to happen in the market.

This is happening at a time when Ethereum network continues to see massive usage and fee congestion, driven primarily by NFT minting and trades.

The reality is that the interest in NFTs is more than interest in DeFi governance tokens and even ETH and other Altcoins.  There is a pull back from the peaks of NFT demand, but relatively it continues to be more than DeFi.

It is becoming important to understand who is holding what NFTs and how it shifts hands to provide for a clear insight into how the market functions.

Reportedly, the largest holders of premium NFTs in the CryptoPunks and Bored Apes appear to have moved into HODL mode.  There are few trades and changes of ownership happening.

Community are like:  With growing marketplace and the price at which these are getting sold, I feel entire world would start minting NFTs in near Future.

Meanwhile, there are already more daily transactions on Ethereum Layer 2’s (~250k) than on BTC (~200k) Layer 2’s are about to catapult ETH to another dimension.

Community were like:  It’s 2021 not 2017. It’s not ETH vs BTC. Apples and oranges. It’s ETH vs SOL DOT etc. Solana is already doing more daily transactions than ETH.

Why? The Ethereum network can process smart contracts but money-wise ETH is becoming ultra sound with a hard cap of ca. 120 million ETH and is therefore very well comparable with BTC. Check out.

Do you know how ETH layer 2 compares to Bitcoin Lightning network? As someone who uses polygon a lot, but has been watching the El Salvador lightning transaction videos, it looks to offer quicker and more reliable response at the moment.

Unfortunately, with less than 100k active channels, the LN is so far way behind ETH L2. Maybe El Salvador will change that.

Any dates for ETH 2.0?  Hopefully Q1 of 22.

Standard Chartered analysts values Ethereum at $26,000 – $35,000.

That’s pretty optimistic but I hope to see it. I can’t imagine a near $200k BTC, that seems unrealistic but I’m here for it.