Non-fungible tokens resurfaced this month and the result is not good for Ethereum users as transaction rates have skyrocketed once again.
Ethereum users are suffering again, NFT mania sends ethereum gas prices to a 14-week high, transaction fees have reached their highest levels in 3 months. According to Bitinfocharts, the average transaction fee rose to $27.23 yesterday, an increase of about 240% since early August.
The last time gas got this expensive was on May 19, when average prices soared to $60, before it was on. biggest high of all time for $70 gas on May 12th.
These prices are average, so operations such as token exchange or smart contract activities are likely to be higher. According to gas tracker from Etherscan , a Uniswap token exchange can cost up to $30 at this time.
Cryptofees reported that the Ethereum network generated $32.7 million in fees yesterday. That’s 98% more than Bitcoin, which generated $629,000 in network fees on August 26th.
Registration month for NFT sales
Non-fungible tokens are the cause of the gas spike as the hype once again builds. According to Nonfungible, August will be the month with the highest sales, having already totaled US$ 900 million in the last 30 days.
The NFT market, OpenSea, is the biggest gas consumer right now, with around $5.7 million in network fees generated in the last 24 hours. This represents almost 21% of the total gas used in Ethereum the day before.
Axie Infinity, which was recently listed on Coinbase, is also there, having chewed up $933,000 in gas in the past 24 hours, according to Etherscan.
Even NFT investors have started to slow down due to hefty transaction fees.
Yep pretty much all NFT markets…
Not buying any more NFTs tonight though unless they’re > 1ETH value because it’s not worth spending $200 gas fee on anything cheaper. 😑
Damn gas fees. (yes I know about SOL and AVAX NFTs I’m just a boomer and haven’t set up my wallet yet) pic.twitter.com/s6D1gONmpd
— NebraskanGooner📈 (@nebraskangooner) August 27, 2021
According to Cryptoslam, Axie Infinity and CryptoPunks have dominated NFT sales in the past 30 days, generating $850 million and $500 million, respectively. Art Blocks is the third most popular, with $438 million in sales last month.