Ethereum Fees Skyrocket Due to Recent NFT Craze

Gaurav Roy

The fees on Ethereum’s network have once again surged to a new high, mainly promoted by the growing minting of NFT collections. This NFT craze has made Ethereum fees reach a new high as the Ethereum fees paid in the market reached a peak of $1,882,360 in January, according to data by Glassnode.

Ethereum fees have seen an increase with the growing popularity of NFTs. As per CoinMetrics, the activity on NFT projects on the Ethereum network has shown a bullish trend so far in the new year, with nearly 250,000 transactions.

In just the first 10 days of the month, the daily transaction record has exceeded last year’s daily transaction record of 240,000 seen in September.

OpenSea saw more than $243 million worth of Ethereum trading volume on January 2, a major increase from $124 million seen two days before.

At present, Ethereum is the leading platform preferred by NFT creators for buying and selling NFT artwork and collectibles, with more than 90% NFT volume based on the network in 2021. Hence, it looks like unless the NFT market slows down, Ether gas fees could stay as high as they currently are, if not higher.

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