NFT Craze Took Ethereum Gasoline Costs To A 14-Week Excessive: Report

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The NFT craze sent Ethereum gas prices to a 14-week high as non-fungible tokens saw a resurgence this month and transaction fees soared again. So let’s read more today in our latest Ethereum news.

Ethereum users are now suffering from the fact that transaction fees have risen to their highest level in 3 months and, according to Bitinfocharts, the average fees have increased to $ 27.23, an increase of around 240% since the beginning of August. The last time gas was this high was in May when average prices rose to $ 60 before this was an ATH for gas at $ 70 on May 12. The prices are average so operations like token swapping or smart contracts activities are getting higher and according to the Etherscan gastracker, the Uniswap token swap can currently cost around $ 30.

Average ETH transaction fees 3 months bitinfocharts.com

Cryptofees reported that the Ethereum network generated a staggering $ 32.7 million in fees a day ago, and that’s 98% more than BTC, which generated $ 629,000 in network fees on Aug. 26. NFTs are causing the gas surge as the hype rises again. According to Nonfungible, August will be its busiest month in terms of sales, having raked in $ 900 million last month. OpenSea, the NFT marketplace, is currently the largest consumer of gas with around $ 5.7 million in network charges generated last day. It accounts for about 21% of total gas usage at ETH on the last day, and Axie Infinity, which was recently listed on Coinbase, is up there, gobbling up over $ 933,000 in gas last day.

Yes, pretty much all NFT markets ..

However, don’t buy any more NFTs tonight unless they are> 1ETH in value as it’s not worth spending a $ 200 gas fee on something cheaper. 😑

Damn gas fees. (yes I know 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, CryptoPunks and Axie Infinity dominated non-fungible token sales during the pOpeast 30 days that grossed $ 850 million and $ 500 million, and Art Blocks was the one with sales of $ 438 million last month third most popular. The NFT craze made Ethereum gas prices soar as the price of the underlying asset that powers all networks actually fell 1.7% on the past day. Ethereum was trading at $ 3108, according to CoinGecko, and the asset gained 35% last month but stayed 29% from its ATH of $ 4,357.

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