David - Cryptocurrency Enthusiast
In recent times, the usage of Ethereum gas by Non Fungible Tokens (NFTs) has been experiencing a noticeable downward trend, indicating a potential transformation in the NFT market. Despite the surge in Ether gas prices back in May, NFT marketplaces now account for a mere 3% of the overall Ethereum gas consumption.
Previously, NFT marketplaces and projects dominated the gas consumption charts, holding top positions in 2021. However, these projects have witnessed a sharp decline in gas usage over the past two years. Glassnode, the on-chain analytics platform, reports that NFT marketplaces' gas usage is currently on a continuous decline. This could suggest a shift in NFT usage patterns, with more users opting to hold onto their NFT crypto assets rather than actively trading them on marketplaces.
A notable example of the change is seen in Axie Infinity, a popular NFT gaming project that previously ranked second in gas usage due to its Ronin bridge, facilitating asset transfers between Ethereum and the Ronin blockchain. Similarly, OpenSea, a prominent NFT marketplace, was once in the top four spots on the gas consumption list. However, in the current context, Nansen, a crypto analytics platform, reveals that NFT marketplaces accounted for only slightly over 3% of the total gas consumption in a weekly period in May.
The decline in NFT gas consumption has raised intriguing theories. Some experts believe that the NFT frenzy during the peak was influenced by excess liquidity resulting from money printing during the pandemic, and as the situation stabilized, the NFT market experienced a slowdown.
Presently, gas consumption by NFTs continues its decline, with notable NFT marketplaces like Blur, OpenSea, SuperRare, LooksRare, and Rarible collectively accounting for approximately 1.85% of the Ethereum network's gas consumption. Surprisingly, projects that were once leading gas users, such as OpenSea and Axie Infinity, have disappeared from the top 50 list of gas consumers.
However, amidst the changing landscape, NFT marketplace Blur still maintains its position within Etherscan's top 30 spots for gas consumption, indicating that it continues to be a relevant player in the current NFT coins ecosystem.
The decrease in NFT gas usage and the shift in the top gas-consuming projects point towards a maturing NFT market. While the NFT hype might have been partly fuelled by abundant liquidity during uncertain times, it appears that the NFT market is now settling into a more sustainable phase, with users demonstrating a preference for long-term NFT holdings over frequent trading.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
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