Ether gas charges will drop as the NFT fever cools off
With the boom in the NFT sector showing signs of slowing, the cost of conducting a transaction with Ethereum has dropped to levels not seen since Aug. 28, currently only around $ 12.2 at press time, according to Etherscan .
The fees, paid per transaction and most burned by the network, rise and fall depending on the time of day. On the past day, the average transaction fee was $ 29, according to Etherscan.
This is much lower than the $ 59 average we saw four days ago. $ 59 is also the highest average transaction fee on Ethereum since the May crash.
Transaction fees for Ethereum rose sharply in the past few weeks as the NFT market exploded and the price of ether began to rise. However, average seven-day NFT revenue has dropped significantly since Aug. 29, from more than $ 1 billion to $ 217 million yesterday.
And the daily turnover is even lower. After trading soared with $ 267 million in NFTs sold on Aug. 28, trading fell to $ 7 million yesterday.
The ETH price also follows a similar development. It rose from $ 3,200 in late August to nearly $ 4,000 on September 3rd, the price it held at until September 7th then fell to $ 3,186 and is currently trading at $ 3,450.
The sharp decline coincided with a slump in the S&P 500 index, amid concerns that the US economy will not fully recover from the pandemic.
Although sales have declined, optimism remains among NFT builders, who persist in claiming that the room still has a lot to do and the best is yet to come.
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