NFT gas usage on Ethereum reaches 2-year low

exchange681 week ago

0 0 1 minute read

The Ethereum network is experiencing a significant reduction in gas consumption by NFT marketplaces, dropping to levels recorded in June 2021.

Transaction activities on NFT marketplaces OpenSea, Blur, LooksRare, Rarible, and SuperRare currently account for roughly 1.85% of the total gas usage on the Ethereum network. This represents a marked decline from the previous high on Jan. 9, 2022, when transactions on OpenSea alone comprised a staggering 28.69% of Ethereum’s total gas consumption.

This downward trend in gas usage by marketplaces signals a potential shift in the NFT landscape.

ethereum gas usage nfts — Graph showing the percentage of Ethereum’s total gas usage accounted for by NFT market transactions from August 2020 to August 2023 (Source: Glassnode)

Analyst

Andjela Radmilac

Analyst at CryptoSlate

Armed with a classical education and an eye for news, Andjela dove head deep into the crypto industry in 2018 after spending years covering politics.

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