, claiming that its waning dominance in the non-fungible token sector could negatively affect the price of the Ether token.The analyst has noted that the blockchain's dominance in the NFT market has slipped to 80%.If Ethereum keeps ceding ground to rivals, Panigirtzoglou predicts that it will not bode well for the cryptocurrency's valuation:
If the loss of its NFT share starts looking more sustained in 2022, that would become a bigger problem for Ethereum's valuation.In December, $2.7 billion worth of NFT sales were recorded across different blockchains, with Ethereum accounting for the lion's share of them .Naysayers believe that Ethereum will not be able to retain its dominance because it has become too expensive to use for the average Joe due to increased network congestion.
Panigirtzoglou believes that Ether might not scale fast enough in order to retain its dominance in such fast-growing market sectors as decentralized finance and NFTs.
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