NFT transactions

Etherscan has enabled users to “track most NFT activity on Ethereum” after it revealed its new non-fungible token transfer tool on June 1.

Ethereum blockchain explorer and analytics platform Etherscan has enabled NFT tracking as part of its transaction tracking tool kit.

In a Twitter post yesterday, Etherscan revealed that users will now be able to “track most NFT activity on Ethereum,” which includes both ERC721 and ERC1155 based non-fungible tokens.

Did you know?

Transaction Action now supports most NFT activity on Ethereum - including both ERC721 and ERC1155! pic.twitter.com/MAOQcIIU9Y

— Etherscan.io (@etherscan) June 1, 2021

The new feature will help provide more transparency on a significant percentage of the NFT market, and may help new investors ascertain the value of an NFT as they can now look up its entire price history, transaction dates and minting date.

Etherscan users can use the “non-fungible tokens transfers” section to look up NFT minting, distribution, transfers, and burn events of popular non-fungible projects such as CryptoPunks, Bored Ape Yacht Club and Sorare.

Etherscan’s NFT tracker shows that Sorare in particular, has had a rolling seven-day average of 26,138 NFT transfers, with the next best seven-day transfer volume from Bonsai at 9,557.

The ability to track NFTs will also mean the transactions on popular NFT marketplaces such as Nifty Gateway, Rarible, and OpenSea are more transparent, with the NFT tracking showing the marketplace where the trade was conducted, as well as the recipient address of the trade.

Collectors using NBA Top Shot however won’t be able to view the platform’s NFT transactions as that project uses Flow Blockchain.

Etherscan was built and launched in 2015, and is focused on providing real-time Ethereum network analytics such recording and updating the status of transactions and addresses on the network.

The firm adds NFT tracking to its list of other blockchain-based services, including “Binance BSC Explorer” which is a block explorer for the Binance Smart Chain, "ETHProtect” — which is a detection system used to identify if incoming funds are tainted — and “Blockscan” which is a search engine for decentralized website domains.

On May 21, Ethereum layer-two scaling solutions provider Optimism announced a partnership with Etherscan. Optimism has integrated Etherscan to enable users to monitor deposits, withdrawals, and view when layer-two transactions are pre-confirmed along with when they have been posted and finalized in batches on layer-one.