Ethereum Reaches 1Mln NFT Buyers as Gas Fees Decline

The total number of buyers of unique non-fungible tokens (NFTs) on the Ethereum blockchain passed the 1 mln mark on Sunday as gas fees on the network fell to the lowest level since August. The London hard fork in August was expected to lower transaction fees as the blockchain moved from an auction-based gas mechanism to a base fee system.

NFT sales on Ethereum are up 36.06% in the last 24 hours, more than any other blockchain with at least $100,000 in sales in the same period. According to JP Morgan, Ethereum is losing out to competitors like Solana in NFT sales due to high fees.

The average Ethereum transaction fee has dropped to $11, almost 80% less than at the beginning of January, but this figure is considered still high compared to Solana's average fee of $0.00025.

Image: Medium