Ethereum Transaction Fees Fall As The NFT Market Crashes

Transaction fees for Ethereum are falling as the NFT market collapses, and it seems that using cryptocurrencies is getting cheaper and cheaper. So let’s read more in our latest ETH news.

The average cost of a transaction at Ethereum is currently USD 12.2, according to Etherscan. Pay-per-transaction and most network burn fees can increase depending on the time of day, as the average transaction fee was $ 29, according to BitInfoCharts yesterday. This is a significant drop from the $ 59 average on September 11, four days ago, and the $ 59 high is the highest for a single transaction on Ethereum since May 19, when fees were set at $ 59. The highest average prices of all time were observed on May 21, hitting $ 69.

Fees have been rising in the past few weeks as the NFT market fluctuated andEthereum price began to rise, but the 7-day average for NFT sales has been up above $ 1 billion since August 29, according to NonFugible.com Has dropped $ 217 million a day before. Daily deals have been even lower since trading spiked on August 28, when NFTs traded fell to $ 7 million from $ 267 million a day ago. The price of Ethereum followed a similar trend, and ETH rose from $ 3,200 at the end of August to just under $ 4,000. This is the price that hovered until September 7, when Etheruem fell as low as $ 4,000 as the S&P500 fell amid growing concerns that the U.S.U.S. economy will not fully recover from the pandemic.

Although sales have declined, NFT creators remain optimistic as they state that the room is still busy and the best of times are still to come. There is a lot of innovation in the NFT space, but when traders start looking elsewhere, NFT artists might think investors are starting to think hard to develop new ideas.
As recently reported, after a massive $ 4 billion increase in sales in August, numbers for the leading NFT market OpenSea are now showing a metaphorical earth comeback after hitting last month’s high. In parallel, NFT Markets announced that OpenSEA’s NFT volume fell 50% to $ 792 million from 156,811 traders the previous week, or 10% less than last week.

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