Ethereum transaction fees are falling as the NFT market collapsed and it seems that cryptocurrency usage is getting cheaper every day. So let’s read more in our latest ETH news.
The average cost of a transaction at ETH is currently USD 12.2, according to Etherscan. Fees, paid for each transaction and mostly burned by the network, can increase depending on the time of day as the average transaction fee was $ 29 according to BitInfoCharts yesterday. This is a dramatic drop from the $ 59 average on September 11th four days ago, and the $ 59 high was the highest for a transaction on Ethereum on May 19, when fees were set at $ 59. the highest ever average fee was observed on May 21st and was as high as $ 69.
Average ETH transaction fees 3 months bitinfocharts.com
Fees rose over the past few weeks as the NFT market went ballistic and the price of ETH began to rise, but the seven-day average for NFT sales has dropped from over $ 1 billion since Aug. 29, according to NonFugible.com Dollars to $ 217 million a day. Daily revenues are even lower since the huge trade spike on August 28, when NFT sales were valued at $ 267 million and then dropped to $ 7 million a day ago. Ethereum’s price followed a similar trend, with ETH rising from $ 3,200 in late August to below $ 4,000, a price level it was at by the 7th S&P 500 amid growing concerns that the U.S. economy will not fully recover from the pandemic .
Although sales fell, optimism persisted among NFT builders, who claimed the space still had a lot to do and the best time was yet to come. There is a lot of innovation in the NFT space, but if traders start looking elsewhere, NFT artists might think investors were starting to snap up some of their fresh ideas.
As recently reported, after the whopping $ 4 billion increase in sales in August, numbers from leading NFT marketplace OpenSea now show a metaphorical return of the earth after propelling to last month’s highs. The parallel NFT marketplaces show that OpenSEA’s NFT volume fell 50% to $ 792 million over the past week, from a pool of 156,811 traders, or 10% less than registered last week.
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