Ethereum fees spike – How NFT sales drove network activity

• Ethereum’s NFT gross sales quantity rose 31% final week, considerably impacting the community’s transaction charges.
• ETH has fallen consecutively over the past three days of the month.

Ethereum [ETH] transaction prices have dropped considerably after the implementation of the EIPs (Ethereum Enchancment Proposals).

Nevertheless, there was a slight enhance in charges in latest weeks, pushed by rising NFT gross sales and community exercise.

Ethereum transaction charges hit three-month excessive

In keeping with information from InTheBlokEthereum transaction charges just lately hit a three-month excessive. Whole weekly compensation rose to $45 million, the best since June 2024.

A deeper evaluation reveals that each day charges began to extend round September 22, with volumes rising from $4 million to virtually double earlier than then falling.

On the time of writing, the charges have been roughly $3 million.

Supply: IntoTheBlock

Additionally information from Etherscan revealed that common transaction charges began to rise across the similar time.

The common charge rose from $4 on September 22 to over $7 on September 24, earlier than falling to round $2.85 on the time of writing.

Ethereum NFT Market Positive factors Momentum

The NFT market on the Ethereum community is displaying indicators of renewed exercise.

Knowledge from DuneAnalytics signifies that NFT buying and selling quantity has elevated barely in latest weeks, which has contributed to the rise in transaction prices.

Evaluation confirmed that each day NFT quantity has persistently exceeded $4 million in latest days.

Supply: DuneAnalytics

Extra, CryptoSlam studies that Ethereum had the best NFT gross sales quantity previously seven days. The information confirmed that gross sales quantity was $29.3 million, up 31% week-on-week.

Ethereum’s transaction quantity stays steady

Regardless of the rise in charges and NFT exercise, Ethereum’s total transaction quantity has remained steady.

Knowledge from DefiLlama reveals no vital spikes within the whole variety of transactions, aside from a slight enhance to 1.2 million on September 27.

In latest weeks, the variety of each day transactions has remained persistently round 1 million.

Learn Ethereum’s [ETH] Worth forecast 2024-25

Though Ethereum has just lately undergone a charge enhance as a consequence of elevated NFT exercise, the general community transaction quantity stays steady.

This implies that NFT gross sales have been a significant driver of the present charge spike.