{"id":119017,"date":"2019-11-20T10:31:51","date_gmt":"2019-11-20T10:31:51","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=119017"},"modified":"2019-11-20T11:08:39","modified_gmt":"2019-11-20T11:08:39","slug":"why-was-there-3-7-million-ethereum-erc-721-transfers-in-a-single-day","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/why-was-there-3-7-million-ethereum-erc-721-transfers-in-a-single-day\/","title":{"rendered":"Why was there 3.7 million Ethereum ERC-721 transfers in a single day?"},"content":{"rendered":"<p>The <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum<\/a> blockchain recently experienced a spike in the number of ERC-721 transfers made on a single day. The surged appears to be related to a particular decentralized application (dApp) on its network that is taking off.<\/p>\n<h2>6 million tokenized items<\/h2>\n<p>On Nov. 17, Ethereum saw the number of <a href=\"https:\/\/etherscan.io\/tokens-nft?sort=7d&order=desc\">ERC-721 transfers<\/a> on its network reach an all-time high of over 3.7 million transfers on that day alone. This represents a 400 percent increase from the previous all-time high of 846,000 ERC-721 transfers, which took place a couple of weeks before, <a href=\"https:\/\/twitter.com\/coinmetrics\/status\/1196894481028661249\">according<\/a> to crypto data provider <a href=\"https:\/\/cryptoslate.com\/companies\/coin-metrics\/\">Coin Metrics<\/a>.<\/p>\n<figure style=\"width: 873px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/EJw5L4BX0AAdk3j?format=png&name=900x900\" alt=\"Ethereum Transfers\" width=\"873\" height=\"469\" \/><figcaption class=\"wp-caption-text\">Ethereum Transfers. Source: <a href=\"https:\/\/twitter.com\/coinmetrics\/status\/1196894481028661249\">Coin Metrics<\/a><\/figcaption><\/figure>\n<p>The spike in the number of ERC-721 transfers on the Ethereum protocol appears to be related to a decentralized gaming application running on the network.<\/p>\n<p><a href=\"https:\/\/cryptoslate.com\/products\/gods-unchained\/\">Gods Unchained<\/a> is a trading card game that is built on top of the Ethereum blockchain. Each card that is used to play represents an ERC-721 token on Ether\u2019s network. This gives users true ownership of their virtual cards, which they can freely trade on the open market.<\/p>\n<p>According to the senior research analyst at Coin Metrics, Nate Maddrey, the decentralized gaming application has been \u201cblowing up.\u201d The rise in popularity comes after its main competitor, Hearthstone, <a href=\"https:\/\/twitter.com\/Slasher\/status\/1181442535962632193\">banned<\/a> a popular professional player from its platform for supporting the <a href=\"https:\/\/cryptoslate.com\/bitcoin-protest-hong-kong-withdraw-money-bank\/\">Hong Kong protests<\/a>.<\/p>\n<p>As Gods Unchained <a href=\"https:\/\/twitter.com\/godsunchained\/status\/1181487505180258304?lang=en\">offered<\/a> to pay for all of the lost winnings of Wai Chung, the banned Hearthstone\u2019s player, its popularity took off.<\/p>\n<p>Maddrey said:<\/p>\n<blockquote><p>\u201cSince [the incident], Gods Unchained sold out their Genesis Card Pack for a total of 33,333 ETH, equivalent to about $6.2 million. Gods Unchained may be early evidence that gamers are starting to care more about owning their in-game assets, and that a larger shift could be on the horizon.\u201d<\/p><\/blockquote>\n<figure id=\"attachment_119022\" aria-describedby=\"caption-attachment-119022\" style=\"width: 389px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-119022\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/Capture-4-662x1024.png\" alt=\"Gods Unchained tweet\" width=\"389\" height=\"602\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/Capture-4-662x1024.png 662w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/Capture-4-194x300.png 194w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/Capture-4-768x1187.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/Capture-4.png 791w\" sizes=\"(max-width: 389px) 100vw, 389px\" \/><figcaption id=\"caption-attachment-119022\" class=\"wp-caption-text\">Gods Unchained calls out Hearthstone. Source: <a href=\"https:\/\/twitter.com\/godsunchained\/status\/1181487505180258304?lang=en\">Twitter<\/a><\/figcaption><\/figure>\n<h2>Network utilization<\/h2>\n<p>Gods Unchained is in the process of making each one of its 6 million virtual cards tradable tokens. And, the number of ERC-721 transfers seen on the Ethereum network is correlated with this \u201cactivation\u201d process, which began early this month. Players will be able to trade their digital cards in the open market instead of just being able to use them in the game.<\/p>\n<p>Despite the bold move to tokenizing 6 million assets, the Ethereum protocol has not been affected. The network utilization has been hovering below 80 percent since the beginning of October. Coin Metrics <a href=\"https:\/\/twitter.com\/coinmetrics\/status\/1196894488389705730\">stated<\/a> that Gods Unchained has been batching hundreds of transfers in single transactions, which is able to keep the network unclogged.<\/p>\n<figure id=\"attachment_119018\" aria-describedby=\"caption-attachment-119018\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-119018 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/chart-1024x939.png\" alt=\"Ethereum Network Utilization chart\" width=\"1024\" height=\"939\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/chart-1024x939.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/chart-300x275.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/chart-768x704.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/chart.png 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-119018\" class=\"wp-caption-text\">Ethereum Network Utilization. Source: <a href=\"https:\/\/etherscan.io\/chart\/networkutilization\">Etherscan.io<\/a><\/figcaption><\/figure>\n<p>Even with the limitations on the Ethereum blockchain that have impeded it from realizing its potential as a widely adopted \u201cworld computer,\u201d Gods Unchained was able to tokenize 6 million digital assets without a problem. It seems like after all many of the <a href=\"https:\/\/cryptoslate.com\/ethereum-lose-confidence-eth-scaling-issues\/\">scaling issues<\/a> that have been brought up about ETH can be prevented by implementing good practices when transferring tokens.\u00a0 It remains to be seen if <a href=\"https:\/\/cryptoslate.com\/coins\/tether\/\">Tether<\/a> would also batch its transactions as it continues to <a href=\"https:\/\/cryptoslate.com\/tether-conducted-a-300m-usdt-chain-swap-from-omni-to-ethereum\/\">migrate USDT tokens to the Ether protocol<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ethereum blockchain recently experienced a spike in the number of ERC-721 transfers made on a single day. The surged appears to be related to a particular decentralized application (dApp) on its network that is taking off. 6 million tokenized items On Nov. 17, Ethereum saw the number of ERC-721 transfers on its network reach [&hellip;]<\/p>\n","protected":false},"author":148,"featured_media":119019,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why was there 3.7 million Ethereum ERC-721 transfers in a single day?<\/title>\n<meta name=\"description\" content=\"The Ethereum blockchain recently experienced a spike in the number of ERC-721 transfers made on a single day as Gods Unchained takes off.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/why-was-there-3-7-million-ethereum-erc-721-transfers-in-a-single-day\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why was there 3.7 million Ethereum ERC-721 transfers in a single day?\" \/>\n<meta property=\"og:description\" content=\"The Ethereum blockchain recently experienced a spike in the number of ERC-721 transfers made on a single day as Gods Unchained takes off.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/why-was-there-3-7-million-ethereum-erc-721-transfers-in-a-single-day\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2019-11-20T10:31:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-11-20T11:08:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/eth-stars.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ali Martinez\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ali Martinez\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/why-was-there-3-7-million-ethereum-erc-721-transfers-in-a-single-day\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/why-was-there-3-7-million-ethereum-erc-721-transfers-in-a-single-day\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/#person\",\"name\":\"Ali Martinez\",\"url\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/victor-charles-profile-e1555981456737-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/victor-charles-profile-e1555981456737-300x300.jpg\",\"caption\":\"Ali Martinez\"},\"jobTitle\":\"Analyst\",\"description\":\"Ali came across Bitcoin\u2019s whitepaper in 2014. 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