Ethereum fees surge again as NFTs become popular again
Despite losing more than half of its earned value since September, Ethereum’s fees show record numbers, with the Total Fees Paid metric hitting a one-month high, according to Glass knot The data.
As data suggests, the value of fees paid on the market reached its highest point in December and is likely to break the past month’s record even more. The increase in the value of fees paid is most likely tied to the sudden increase in the popularity of the NFT industry.
CoinMetrics reported that the activity of NFT projects on the Ethereum network has got off to a good start in the new year with nearly 250,000 transactions. In fact, 2022 has already broken the daily transaction record of 240,000 in 2021, which was set in September.
Additionally, the NFT community has witnessed extreme popularity spikes on Chinese NFT projects. Despite prohibiting the crypto and mining industry, the country still considers NFTs somehow legal and is even ready to present its own Metaverse projects to the world.
Ethereum fees
The amount and volume of fees paid on the Ethereum blockchain has always been a topic of discussion in the crypto community because at some point the network could ask for more than $ 100 for a transaction.
Due to existing congestion issues, developers have come up with Layer 2 solutions that allow for making transactions faster and cheaper during high main network load periods. But due to inconvenience, L2s remain popular only during long-term congestion periods on the Ethereum network.
At the time of going to press, gas charges for Ethereum’s mainnet remain at 120 Gwei, which is considered above average.
