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Ethereum blockchain explorer Etherscan has made a major addition to its functionality, as announced by the platform on Tuesday.
The analytical service revealed that its platform now shows all transfers of non-fungible tokens (NFTs). As a result, it is now indexing two major standards on the platform – ERC1155 and ERC721. “Transaction Action now supports most NFT activity on Ethereum – including both ERC721 and ERC1155!,” Etherscan noted on Twitter.
Did you know?
— Etherscan.io (@etherscan) June 1, 2021
💡 Transaction Action now supports most NFT activity on Ethereum – including both ERC721 and ERC1155! pic.twitter.com/MAOQcIIU9Y
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Based on the screenshots the Etherscan team shared, the toolkit can track transfers and record events through an NFT lifespan.
Additionally, it reveals the wallet addresses of the participants of the transaction as well as the name of the marketplace where the transaction is confirmed.
Toolkit improves transparency
Etherscan’s popularity has grown over the years as a platform that provides real-time analysis on the Ethereum network. With this new addition to its features, the platform hopes to provide a more conducive environment for NFT projects and foster the industry’s growth.
According to Etherscan, the new toolkit will improve user experience and enhance the transparency of trading of digital collectibles.
Additionally, it makes it easier for newbies to buy and sell NFTs on the platform, preventing any form of fraudulent activity in the process.
The NFT sector has seen immense popularity this year, with many celebrities and renowned sports personalities tokenizing their collectibles on Ethereum (ETH/USD).
Some transactions not supported
The ability to track NFTs also makes transactions on popular NFT marketplaces more transparent, including platforms like OpenSea, Rarible, and Nifty Gateway.
However, collectors using NBA Top Shot are not able to view the transaction since such a project makes use of Flow Blockchain.
Ethereum is the leading network for NFT-focused products, even though it is saddled with scalability issues. Apart from Ethereum, platforms such as Tezos (XTZ/USD) and Tron (TRX/USD) have hosted many NFTs as well.