Blockchain platform Tezos witnesses surge in activity amid NFT demand

Transactions involving smart contracts have picked up pace for platforms such as Tezos

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Tezos, the popular open source decentralised blockchain platform, has witnessed a significant surge in transactions over the last year as several brands and organisations announced partnerships with the platform to launch their own branded NFTs. 

According to Coin Metric’s latest 'State of the Network' report, Tezos witnessed an uptake in daily transactions in August 2021 as the platform launched an upgrade to its services which cut the average block times by half. 

The research shows that the number of daily transactions spiked that same month, increasing from an average of 40,000 transactions per day to over 250,000. The level of transactions remain around that level today.

Ecosystem growth

Transactions involving smart contracts have picked up pace significantly as NFTs continue to gather mainstream interest and acceptance.  The report highlights that Tezos' significant growth could be tied to platforms such as art platform FX Hash becoming more involved in the space, as well popular video game developer Ubisoft announcing its support for gaming NFTs that would be built with Tezos.

Tezos operates operates without the large energy requirements required of other types of blockchains, and consumes around two million times less energy than Ethereum, according to the platoform.

Its operating costs are significantly lower too, allowing Tezos NFTs to become more accessible for people around the world. It currently partners with brands across the retail, finance and motorsports sector, allowing businesses to usher a new era of experiences through digital collectables.

The Coin Metrics report also highlighted the significant growth in stablecoins, which witnessed a similar increase, with Circle’s USD Coin (USDC), Binance’s BUSD, and Tether (USDT) accounting for over 90% of the total supply of stablecoins.

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