Coinbase opened its NFT market to the general public on Wednesday after amassing a waiting list of nearly 2.8 million people. The launch coincided with the announcement of the crypto exchange Kraken that opens a waiting list for its own NFT market. They are all designed to compete with dominant markets such as OpenSeabut they depend on a fundamental question: are NFTs still in demand?

Not according to The Wall Street Journal, which declares On Tuesday, “the NFT market is collapsing,” citing transaction data from a website called NonFungible. However, Tom Schmid, a partner in the crypto venture capital firm Capital of Dragonflyproposed in a tweet that this data is incorrect and that the data of Dune Analyticsblockchain analysis platform proved the opposite.

“Dune is the easiest way to query blockchain data (scraped directly from an Ethereum node) and when we do, we can see that the data reported by Ethereum itself is significantly different from what Nonfungible reports,” he told me. Schmid on Wednesday via Twitter via direct message.

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