Tezos + NFTs = Record explosion of activity on its network

Tezos + NFTs = Record explosion of activity on its network

Are NFTs becoming the real tipping point technology for cryptocurrency adoption? The question keeps being asked as this emerging market takes hold in all forward-thinking sectors of the real economy. For its functionalities are infinite and still far from being all exploited outside the crypto zone. And their success even allows some projects like Tezos (XTZ) not to completely miss the generalized rise recorded last year. And even to establish themselves as a major player in the field.

If there is one high-potential project that seems to have missed the 2021 bull market, it is undoubtedly Tezos. Yet another Proof of Stake (PoS) blockchain in the nebula of Ethereum killers. With the small difference of having been developed in France, which is the probable reason for its major success in France... in 2020. Because not much has happened since its development was announced as promising by its foundation in March of this year (still 2020). At least on the surface...

But perhaps all this is just an impression, drowned in a chaotic bullrun. Because Tezos has had some important news. And this is mainly related to the adoption of its network by leading companies in their fields. The latest partnership is with Ubisoft, which has made Tezos the support for its Quartz platform dedicated to gaming NFTs. And even if the reception of these non-fungible tokens is meeting strong resistance from gamers, the trend is underway. And Tezos may well be on board.



Explosion of activity on the Tezos network

Because there are definitely two camps in the cryptocurrency and blockchain space. The flagship projects that appear, shine and sometimes end up disappearing just as quickly. And those who take their time to establish their development over time. Sometimes getting lost in a time bubble like the Cardano project (ADA). And there is nothing to suggest that one of these techniques is better than the other. Only by crossing the finish line will it be possible to know whether the tortoise is really more reliable than the hare.

In any case, the latest weekly report from the analysis structure Coin Metrics suggests that things are accelerating for the Tezos network. For the latter has just made an appearance that was as remarkable as it was unexpected. This is in parallel with a description of the current frenzy in the stablecoin market. But in the case of Tezos, more precisely in direct relation to a significant adoption of its network. And this by some players in the NFT token market, one of the most important of which is the FX Hash platform.

Tezos + NFTs = Record explosion of activity on its network

Tezos - Future leader of the NFT market?

Indeed, according to this Coin Metrics report, the number of transactions involving smart contracts on the Tezos network has simply exploded in recent months. With an increase over the year 2021 from less than 10,000 per day in January to over 50,000 currently. All this within a booming ecosystem. And more than 250,000 daily transactions, following a spectacular surge of more than 400% in August. And this is no coincidence.

Because at the same time, the Tezos network underwent a major upgrade called Granada. The latter was designed to 'massively' reduce the costs involved in setting up and interacting with its smart contracts. But also to optimize the management of its blockchain by halving the time between each block. And the result is a real success.

Tezos + NFTs = Record explosion of activity on its network

This news should be put into perspective with the rise of "only" 120% posted by the XTZ cryptocurrency in 2021. And reduced to a mere 30% in YTD terms at the moment. Because in the same time, the number of addresses holding at least 1 XTZ has increased threefold. And even if its daily transactions remain four times lower than Ethereum, the costs involved are incomparable. Because they are counted in cents on the Tezos network. For a blockchain whose activity is presented as "carbon neutral."

Is this the sign of a real awakening for the Tezos project? In any case, it seems that the NFT market is very interested in this functional alternative to Ethereum. And its many partnerships in the field give hope for the best.

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