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Data suggests mass adoption of NFTs is still a long way off

by Larry Cermak

September 12, 2019, 11:00AM EDT  ·  6 min read

Quick Take

  • After the success of CryptoKitties, NFTs were lauded as the first mainstream consumer use case for blockchain
  • Now, more than a year later, it’s evident that NFTs have yet to even approach the success that CryptoKitties once had
  • While the number of users is growing, both the number of transactions and total traded volume are declining in 2019
  • Japanese multiplayer RPG My Crypto Heroes had overtaken CryptoKitties as the NFT platform with the most transacting users

by Larry Cermak

September 12, 2019, 11:00AM EDT  ·  6 min read

Non-fungible tokens (NFTs) are tokenized, blockchain-based provably scarce, non-divisible collectible items. The first well-received game utilizing NFTs, CryptoKitties, boomed in popularity at the end of 2017. At its (short-lived) peak, CryptoKitties consumed around 15% of Ethereum and drove the median transaction fees to upwards of $3 — more than 20 times the current median fee.