Non fungible tokens have seen a resurgence this month and the outcome just isn’t fair for Ethereum customers as transaction fees skyrocket once again.
Ethereum users are struggling again as transaction charges have spiked to their highest ranges for 3 months. According to Bitinfocharts, the average transaction fee has surged to $27.23 yesterday, an increase of around 240% since the starting of August.
The last time gas was this expensive was on May 19, when average prices spiked to $60 before that was the all-time high for gas at $70 on May 12.
These prices are average, so operations such as token swapping or smart contract activities are likely to be higher. In response to Etherscan’s gas tracker, a Uniswap token swap can value as a lot as $30 at the moment.
Cryptofees has reported that the Ethereum network generated a whopping $32.7 million in fees yesterday. This is 98% more than Bitcoin, which generated $629K in-network fees on August 26.
Record Month for NFT Sales
Nonfungible tokens are the cause of the gas spike as the hype mounts once again. According to Nonfungible, August would be the highest month by way of sales, having already notched up $900 million over the past 30 days.
NFT market OpenSea is the biggest gas guzzler at the moment, with around $5.7 million in network charges generated over the previous 24 hours. This represents nearly 21% of the total gas used on Ethereum over the previous day. Axie Infinity, which was recently listed on Coinbase, can be up there, having chewed $933K in gas over the previous 24 hours, in line with Etherscan.
Even NFT traders have begun to decelerate in mild of the hefty transaction charges.
In response to Cryptoslam, Axie Infinity and CryptoPunks have dominated NFT sales over the previous 30 days producing $850 million and $500 million respectively. Artwork Blocks are the third hottest, with $438 million in gross sales over the previous month.
Ethereum Price Retreating
The value of the underlying asset powering all of this network exercise has truly retreated by 1.7% over the previous 24 hours. Ethereum was trading at $3,108 at the time of press.
The asset has gained 35% over the previous month but remains 29% down from its all-time high of $4,357 on May 12.