{"id":534098,"date":"2023-05-19T20:50:38","date_gmt":"2023-05-19T20:50:38","guid":{"rendered":"https:\/\/wncen.com\/?p=534098"},"modified":"2023-05-19T20:50:38","modified_gmt":"2023-05-19T20:50:38","slug":"gas-crisis-averted-nft-marketplaces-witness-dramatic-reduction-in-ethereum-fees","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/gas-crisis-averted-nft-marketplaces-witness-dramatic-reduction-in-ethereum-fees\/","title":{"rendered":"Gas Crisis Averted: NFT Marketplaces Witness Dramatic Reduction in Ethereum Fees"},"content":{"rendered":"

Ethereum gas consumption landscape is transforming significantly as Non-Fungible Token (NFT) marketplaces no longer dominate the network’s gas usage. According to a report<\/a> by Nansen,\u00a0a crypto analytics platform, NFTs have fallen behind in doing the most in Ethereum gas fees.\u00a0<\/span><\/p>\n

Notably, while Ethereum’s transition to proof-of-stake, in an event known as “The Merge,” is anticipated to address high gas prices, investors are now exploring alternatives like Cardano<\/a>, which boasts greater cost-efficiency following its recent Hydra upgrade<\/a>.<\/span><\/p>\n

Ethereum’s Gas Consumption Shift<\/span><\/h2>\n

According to data revealed by Nansen on Friday, there’s currently a noteworthy shift in Ethereum’s gas consumption<\/a> patterns. NFT marketplaces, which once held the top spot, now account for a mere 3% of total gas usage.<\/span><\/p>\n

Related Reading: Crypto Assets Flow From Ethereum To BSC, Are Users Escaping High Gas Fees?<\/a><\/div>\n

Surprisingly, decentralized exchange (DEX) Uniswap has emerged as the primary gas consumer, representing 31.99% of gas consumption. This shift indicates a diversification in Ethereum’s transactional activity and a reduction in NFT-related gas usage. Nansen noted:<\/span><\/p>\n

Gone were the days of NFTs topping the Ethereum gas-consuming charts. This week, of the top 20 gas consumers, OpenSea and Blur accounted for less than 10% combined.\u00a0And against all gas consumers, the NFT marketplaces were just over 3%. Uniswap in contrast was 10x more – 31.99%.<\/p><\/blockquote>\n

This substantial decline in NFT-related gas consumption can be attributed to various factors, including the network’s congestion caused by an influx of meme coin trading, notably the recently hyped frog-themed meme coin PEPE.<\/span><\/p>\n

This surge in meme coin transactions resulted in heightened gas prices, prompting users to explore alternatives and alleviating the burden on NFT marketplaces.<\/span><\/p>\n

Navigating the Gas Crisis<\/h2>\n

Ethereum<\/a>‘s gas crisis has persisted despite The Merge, which is said to enhance scalability and reduce gas fees by migrating the network to a proof-of-stake consensus model. In response, some investors have sought solace in blockchain platforms offering cost-efficient alternatives. <\/span><\/p>\n

With its recent Hydra upgrade, Cardano has gained attention for its ability to handle transactions more economically. The implementation of Hydra’s layer-2 scaling solution has positioned Cardano as a viable option for users seeking relief from Ethereum’s high gas prices.<\/span><\/p>\n

The recent decrease in NFT marketplaces’ gas consumption marks a significant turning point in Ethereum’s gas crisis. As decentralized finance (DeFi) protocols and other transaction-heavy platforms take the lead in gas consumption, the burden on NFT marketplaces has lessened.<\/span><\/p>\n

Related Reading: Ethereum Price Faces Confluence Of Bearish Factors and At Risk of Another Decline<\/a><\/div>\n

However, the broader Ethereum community anticipates the implementation of updates on the mainnet to address the persistent gas issues and improve scalability on the network.\u00a0<\/span><\/p>\n

Meanwhile, Ethereum’s price<\/a> has experienced an upward trend in the past week, up by 2.4%. ETH has surged from a low of $1,771 seen last Friday to trading as high as above $1,800 later this week.\u00a0<\/span><\/p>\n

Ethereum market capitalization has also recorded huge gains in the past 7 days. ETH’s market cap has surged over 2% from a cap low of $215 billion to a high of $218 billion on Friday. Meanwhile, ETH\u2019s daily trading volume has plunged throughout the week from a high of $10 billion last Friday to $5.5 billion in the last 24 hours.<\/p>\n

\"Ethereum
Ethereum (ETH)\u2019s price is moving sideways on the 4-Hour chart. Source: ETH\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Interestingly, the asset has picked up from where it left off, rallying 1.1% in the last 24 hours. ETH currently trades slightly above $1,800 with a price of $1,811 at the time of writing.<\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Ethereum gas consumption landscape is transforming significantly as Non-Fungible Token (NFT) marketplaces no longer dominate the network’s gas usage. According to a report by Nansen,\u00a0a crypto analytics platform, NFTs have fallen behind in doing the most in Ethereum gas fees.\u00a0 Notably, while Ethereum’s transition to proof-of-stake, in an event known as “The Merge,” is anticipated to address high gas prices, investors are now exploring alternatives like Cardano, which boasts greater cost-efficiency following its recent Hydra upgrade. Ethereum’s Gas Consumption Shift According to data revealed by Nansen on Friday, there’s currently a noteworthy shift in Ethereum’s gas consumption patterns. NFT marketplaces, which once held the top spot, now account for a mere 3% of total gas usage. Related Reading: Crypto Assets Flow From Ethereum To BSC, Are Users Escaping High Gas Fees? Surprisingly, decentralized exchange (DEX) Uniswap has emerged as the primary gas consumer, representing 31.99% of gas consumption. This shift indicates a diversification in Ethereum’s transactional activity and a reduction in NFT-related gas usage. Nansen noted: Gone were the days of NFTs topping the Ethereum gas-consuming charts. This week, of the top 20 gas consumers, OpenSea and Blur accounted for less than 10% combined.\u00a0And against all gas consumers, the NFT marketplaces were just over 3%. Uniswap in contrast was 10x more – 31.99%. This substantial decline in NFT-related gas consumption can be attributed to various factors, including the network’s congestion caused by an influx of meme coin trading, notably the recently hyped frog-themed meme coin PEPE. This surge in meme coin transactions resulted in heightened gas prices, prompting users to explore alternatives and alleviating the burden on NFT marketplaces. Navigating the Gas Crisis Ethereum‘s gas crisis has persisted despite The Merge, which is said to enhance scalability and reduce gas fees by migrating the network to a proof-of-stake consensus model. In response, some investors have sought solace in blockchain platforms offering cost-efficient alternatives. With its recent Hydra upgrade, Cardano has gained attention for its ability to handle transactions more economically. The implementation of Hydra’s layer-2 scaling solution has positioned Cardano as a viable option for users seeking relief from Ethereum’s high gas prices. The recent decrease in NFT marketplaces’ gas consumption marks a significant turning point in Ethereum’s gas crisis. As decentralized finance (DeFi) protocols and other transaction-heavy platforms take the lead in gas consumption, the burden on NFT marketplaces has lessened. Related Reading: Ethereum Price Faces Confluence Of Bearish Factors and At Risk of Another Decline However, the broader Ethereum community anticipates the implementation of updates on the mainnet to address the persistent gas issues and improve scalability on the network.\u00a0 Meanwhile, Ethereum’s price has experienced an upward trend in the past week, up by 2.4%. ETH has surged from a low of $1,771 seen last Friday to trading as high as above $1,800 later this week.\u00a0 Ethereum market capitalization has also recorded huge gains in the past 7 days. ETH’s market cap has surged over 2% from a cap low of $215 billion to a high of $218 billion on Friday. Meanwhile, ETH\u2019s daily trading volume has plunged throughout the week from a high of $10 billion last Friday to $5.5 billion in the last 24 hours. Interestingly, the asset has picked up from where it left off, rallying 1.1% in the last 24 hours. ETH currently trades slightly above $1,800 with a price of $1,811 at the time of writing. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":517155,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[142,6664,8323,1946,15369],"class_list":["post-534098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-altcoins","tag-crypto","tag-eth","tag-ethereum","tag-nft"],"acf":[],"yoast_head":"\nNFT Marketplaces Witness Dramatic Reduction in Ethereum Fees<\/title>\n<meta name=\"description\" content=\"The landscape of Ethereum gas consumption is currently undergoing a significant transformation as Non-Fungible Token (NFT) marketplaces no...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Gas Crisis Averted: NFT Marketplaces Witness Dramatic Reduction in Ethereum Fees","url":"http:\/\/wncen.com\/news\/ethereum\/gas-crisis-averted-nft-marketplaces-witness-dramatic-reduction-in-ethereum-fees\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/gas-crisis-averted-nft-marketplaces-witness-dramatic-reduction-in-ethereum-fees\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/ETH-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/ETH-scaled.jpg?fit=2560%2C1655"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","crypto","eth","ethereum","nft"],"dateCreated":"2023-05-19T20:50:38Z","datePublished":"2023-05-19T20:50:38Z","dateModified":"2023-05-19T20:50:38Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Gas Crisis Averted: NFT Marketplaces Witness Dramatic Reduction in Ethereum Fees\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/gas-crisis-averted-nft-marketplaces-witness-dramatic-reduction-in-ethereum-fees\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/gas-crisis-averted-nft-marketplaces-witness-dramatic-reduction-in-ethereum-fees\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/ETH-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/ETH-scaled.jpg?fit=2560%2C1655\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"crypto\",\"eth\",\"ethereum\",\"nft\"],\"dateCreated\":\"2023-05-19T20:50:38Z\",\"datePublished\":\"2023-05-19T20:50:38Z\",\"dateModified\":\"2023-05-19T20:50:38Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/ETH-scaled.jpg?fit=2560%2C1655","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/534098"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=534098"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/534098\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/517155"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=534098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=534098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=534098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}