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 been on consecutive decline within the final three days of the month. 

Ethereum [ETH] transaction charges have decreased considerably following the implementation of its EIPs (Ethereum Enchancment Proposals).

Nonetheless, current weeks have seen a slight uptick in charges, pushed by rising NFT gross sales and community exercise.

Ethereum transaction charges attain 3-month excessive

Based on information from IntoTheBlock, Ethereum’s transaction charges just lately hit a 3-month excessive. The overall weekly charges climbed to $45 million, the very best since June 2024.

A deeper evaluation reveals that day by day charges started rising across the twenty second of September, with volumes rising from $4 million to nearly double earlier than a subsequent decline.

At press time, the charges had settled at round $3 million.

Supply: IntoTheBlock

Equally, information from Etherscan revealed that the common transaction payment began rising across the similar time.

The common payment surged from $4 on the twenty second of September to over $7 by the twenty fourth of September, earlier than dropping to round $2.85 as of press time.

Ethereum NFT market positive factors momentum

The NFT market on the Ethereum community has proven indicators of renewed exercise.

Knowledge from DuneAnalytics signifies that the NFT buying and selling quantity has elevated barely in current weeks, contributing to the rise in transaction charges.

Evaluation confirmed that day by day NFT quantity has persistently surpassed $4 million in current days.

Supply: DuneAnalytics

Moreover, CryptoSlam experiences that Ethereum had the very best NFT gross sales quantity over the previous seven days. The info confirmed that the gross sales quantity reached $29.3 million, a 31% improve week-over-week.

Ethereum transaction quantity stays secure

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

Knowledge from DefiLlama reveals no vital spikes in whole transaction numbers, apart from a slight improve to 1.2 million on the twenty seventh of September.

Over the previous couple of weeks, the variety of day by day transactions has persistently stayed across the 1 million mark.

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

Whereas Ethereum has skilled a current payment improve on account of heightened NFT exercise, the general community transaction quantity stays secure.

This means that NFT gross sales have been a key driver of the present payment spike.