Ethereum’s blockchain explorer Etherscan has made a major addition to its functionality, as the platform announced on Tuesday.
The analytics service revealed that its platform now shows all non-fungible token transfers (NFTs). As a result, you are now indexing two main standards on the platform: ERC1155 and ERC721. “Transaction Action now supports most of the NFT activity on Ethereum, including ERC721 and ERC1155!” Etherscan noted on Twitter.
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Based on screenshots shared by the Etherscan team, the toolkit can track transfers and log events over a lifetime of NFT.
In addition, it reveals the portfolio addresses of the transaction participants, as well as the name of the market where the transaction is confirmed.
Toolkit improves transparency
Etherscan’s popularity has grown over the years as a platform that provides real-time analytics on the Ethereum network. With this new addition to its functions, the platform hopes to provide a more conducive environment for NFT projects and foster industry growth.
According to Etherscan, the new set of tools will improve the user experience and improve the transparency of the digital collectibles trade.
Furthermore, it makes it easy for newbies to buy and sell NFT on the platform, avoiding any form of fraudulent activity in the process.
The NFT sector has seen immense popularity this year, with many renowned celebrities and sports personalities tokenizing their collectibles on Ethereum (ETH / USD).
Some transactions are not supported
The ability to track NFT also makes transactions in popular NFT markets more transparent, including platforms such as OpenSea, Rarible, and Nifty Gateway.
However, collectors using NBA Top Shot cannot see the transaction as said project uses Flow Blockchain.
Ethereum is the leading network for NFT-centric products, although it has scalability issues. In addition to Ethereum, platforms like Tezos (XTZ / USD) and Tron (TRX / USD) have also hosted many NFTs.
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