Never Mind The Gas Fee: Ethereum Foundation Says It Will Allow Artists To Unplug From YouTube, Spotify – Ethereum – US Dollar ($ETH)

Ethereum Foundation, the nonprofit organization that supports Ethereum (CRYPTO:ETH) and related technologies, says 2021 was the year “Web3” came into the public consciousness, allowing creators to break away from centralized platforms.

What happened: In the report “2021: The Year in Ethereum” by Josh Stark and Evan Van Ness, the foundation said in 2022, the world began to “understand the vision of a more decentralized internet built on Ethereum.”

It called Ethereum the “foundation for a digital civilization”.

The authors pointed out that until now, the internet’s creator economy has been dominated by centralized platforms such as Alphabet Inc’s (NASDAQ: GOOGL) (NASDAQ: GOOGL) YouTube or Spotify Technology SA (NYSE: SPOT).

“Ethereum gave creators new tools to monetize their work. One tool in particular stands out: the NFT,” the authors wrote.

While the report said that the non-fungible token ecosystem (NFT) was still in its early stages, it pointed out that such a market existed barely a year ago.

“The rapid expansion of the NFT market attracted general interest. Steph Curry, Eminem and Shaquille O’Neal bought Bored Apes. Adidas did that, and they also bought digital land and released their own NFT collection.”

See also: How to buy Ethereum (ETH)

Why it Matters: The advent of the era of NFTs has broadened the cryptocurrency industry as a whole and added more people to the fray who deserve it.

Source: “2021: The Year in Ethereum” by Ethereum Foundation

In 2021, artists, musicians, writers and others used Ethereum to collectively earn $3.5 billion, making it one of the largest global platforms for creators, according to the report.

Creators Earnings by Platform: Source “2021: The Year in Ethereum”

The Foundation said Ethereum exceeded the transaction volume of Visa Inc (NYSE:V) network in terms of asset transfers alone.

While Ethereum’s total transaction volume was $11.6 trillion in 2021, Visa’s was $10.4 trillion.

Ethereum was also the second largest beneficiary in terms of network fees after Visa. While Visa took in $24.1 billion in revenue in 2021, Ethereum’s L1 took in $9.19 trillion. However, Bitcoin (CRYPTO: BTC) made only $0.89 trillion in transaction fees.

In May 2021, average transaction costs on Ethereum’s network rose to $70, according to data from BitInfoCharts. However, it has since fallen, dropping below $10. At the time of going to press, it was $8.05.

Even then, ETH remains more expensive than rival blockchains like Cardano (ADA), Polkadot (DOT), and Solana (SOL).

Read next: This is how much $100 invested in Cardano (ADA) will be worth now if it hits all-time high again

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