NFT Sales Surge Drive Ethereum Fees Up

• Last week, Ethereum’s NFT sales surged by 31%, significantly boosting the network’s transaction fees.
• ETH has experienced three consecutive days of decline at the end of the month.

Ethereum [ETH] transaction fees initially decreased significantly with the adoption of various Ethereum Improvement Proposals (EIPs).

However, in recent weeks, increasing NFT sales activity has caused a slight uptick in fees.

Ethereum Fees Reach Three-Month Peak, Driven by NFT Sales

According to IntoTheBlock, Ethereum’s network fees recently climbed to a three-month peak. The total weekly fees hit $45 million, the highest since June 2024.

An analysis reveals that daily fees began soaring around September 22, increasing from $4 million to nearly double before experiencing a decline.

As of now, the fees have stabilized around $3 million.

Source: IntoTheBlock

Similarly, data from Etherscan indicates that average transaction fees started climbing at the same time.

These fees surged from $4 on September 22 to over $7 by September 24, before decreasing to roughly $2.85 currently.

The Ethereum NFT Market is Gaining Steam

The Ethereum NFT market has seen renewed activity recently.

According to DuneAnalytics, NFT trading volumes have slightly increased, contributing to the rise in transaction fees.

Analysis demonstrates that daily NFT volume has consistently stayed above $4 million in the past few days.

Source: DuneAnalytics

Further, CryptoSlam confirms that Ethereum had the highest NFT sales volume over the past week. Sales volume reached $29.3 million, reflecting a 31% week-over-week increase.

Stability in Ethereum Transaction Volumes Amid Rising Fees

Interestingly, despite the rise in fees and NFT activity, the overall transaction volume on Ethereum has remained consistent.

Data from DefiLlama notes no dramatic changes in total transaction numbers, except for a minor increase to 1.2 million on September 27.

Over recent weeks, daily transactions have reliably stayed around the 1 million mark.

For comprehensive insights, check out our Ethereum [ETH] Price Prediction 2024-25.

While Ethereum fees have climbed recently due to increased NFT activity, the overall network transaction volume remains stable.

This underscores the significant role NFT sales play in the current fee surge.

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