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NFT gas usage on Ethereum reaches 2-year low

August 3, 2023
in Crypto Exchanges
Reading Time: 1 min read
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The Ethereum community is experiencing a big discount in gasoline consumption by NFT marketplaces, dropping to ranges recorded in June 2021.

Transaction actions on NFT marketplaces OpenSea, Blur, LooksRare, Rarible, and SuperRare at the moment account for roughly 1.85% of the whole gasoline utilization on the Ethereum community. This represents a marked decline from the earlier excessive on Jan. 9, 2022, when transactions on OpenSea alone comprised a staggering 28.69% of Ethereum’s complete gasoline consumption.

This downward pattern in gasoline utilization by marketplaces alerts a possible shift within the NFT panorama.

ethereum gas usage nfts
Graph displaying the share of Ethereum’s complete gasoline utilization accounted for by NFT market transactions from August 2020 to August 2023 (Supply: Glassnode)

The publish NFT gasoline utilization on Ethereum reaches 2-year low appeared first on CryptoSlate.

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Tags: 2YearEthereumGasNFTReachesUsage
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