For the past 12 months, the Tezos network has seen a steady increase in smart contract addresses and acceptance.
This is primarily due to non-fungible tokens being the primary driver of the increase. As a result of the shift, Tezos now competes with Ethereum in terms of NFT minting and markets.
Non-fungible tokens, or NFTs, have recently gained traction in a variety of industries. More businesses and even celebrities are embracing this digital asset for a variety of reasons that suit their needs.
The use of NFTs continues, from creating expressions and awareness to collecting non-profit funds to improving community participation and relationships.
NFTs, like cryptocurrencies, are built using smart contract technology. As a result, they could maintain their decentralized nature by avoiding interference from external parties. This has also enhanced the activity of several blockchains involved in the development of non-fungible tokens.
The high fees on the Ethereum network are one of Tezo’s competitive advantages. This compels both NFT developers and investors to seek alternatives, among which Tezos is one. Furthermore, the Tezos network has a portal for all of its NFT marketplaces, which it claims to be Carbon-Neutral. Furthermore, the network’s fees are minimal.
Furthermore, some contentious environmental issues have been associated with NFT minting and trading on networks that use the Proof-of-Stake (PoS) consensus process. Tezos was widely praised for being a one-of-a-kind platform that dealt with these concerns.
According to Coin Metrics’ ‘State of the Network’ report, the number of smart contract transactions increased in the previous year from 10,000 daily in January 2021 to over 50,000 daily. According to the report, various NFT platforms are responsible for the noticeable growth.
FX Hash, a generative art site that has gained popularity is one of the top platforms. In addition, Ubisoft, a gaming behemoth, announced Tezos compatibility for its gaming NFTs in December 2021.
Furthermore, Tezo’s active addresses have surpassed 45,000 for the first time. As a result, the number of active smart contract addresses has tripled in the last year, from less than 200,000 to more than 600,000 in the previous year. This explains the increase in Tezos-based NFT and DApps.
The total number of daily transactions under the category of Other Transactions is included in the research. According to the research, the figure began to rise in August 2021.
This was after Tezos released an update that cut block times in half. This has increased the number of daily transactions from 40,000 to 250,000, and it is staying within this range now.
The report also included a chart showing addresses with at least one XTZ coin. It has surpassed 300,000, representing a 150 percent rise over last year’s worth.
Tezos, which was launched in 2018 as an energy-efficient PoS blockchain, verifies and adds new blocks to its chain through Baking on the network.
