Key Points
- Ethereum’s NFT sales volume increased by 31% last week, causing a rise in the network’s transaction fees.
- Despite the rise in transaction fees, Ethereum’s overall transaction volume remains steady.
Ethereum’s transaction fees have experienced a significant decrease after the implementation of its Ethereum Improvement Proposals (EIPs).
However, there has been a minor increase in fees in recent weeks, primarily due to the surge in NFT sales and network activity.
Ethereum Transaction Fees Hit 3-Month High
Data from IntoTheBlock reveals that Ethereum‘s transaction fees have recently reached a three-month high. The total weekly fees increased to $45 million, the highest since June 2024.
A detailed examination shows that daily fees began increasing around September 22nd, with volumes doubling before a subsequent decrease.
As of now, the fees have stabilized at approximately $3 million.
Similarly, Etherscan data indicates that the average transaction fee began to rise around the same time.
Ethereum’s NFT Market Gains Momentum
The NFT market on the Ethereum network has shown signs of renewed activity.
Data from DuneAnalytics shows a slight increase in NFT trading volume in recent weeks, contributing to the rise in transaction fees.
Analysis indicates that daily NFT volume has consistently exceeded $4 million in recent days.
Furthermore, CryptoSlam reports that Ethereum had the highest NFT sales volume over the past week. The data reveals that the sales volume reached $29.3 million, a 31% increase week-over-week.
Despite the increase in fees and NFT activity, Ethereum’s overall transaction volume has remained stable.
Data from DefiLlama shows no significant spikes in total transaction numbers, except for a slight increase to 1.2 million on September 27th.
Over the past few weeks, the number of daily transactions has consistently hovered around the 1 million mark.
While Ethereum has seen a recent fee increase due to increased NFT activity, the overall network transaction volume remains stable.
This suggests that NFT sales have been a primary driver of the current fee spike.
