Gas fees on the Ethereum network are at their lowest level since August. As a result, the total number of NFT buyers on the Ethereum blockchain reached 1 million. This is considered a milestone for the network.
The total number of NFT buyers on the Ethereum blockchain has exceeded 1 million. The number of buyers, which increased by 36.06 percent in the last 24 hours, reached a new milestone.
Meanwhile, according to JPMorgan, the high fees on Ethereum are causing buyers to go to competitors like Solana. Ethereum’s average transaction fee has dropped by 80 percent since the beginning of January, falling to $11. However, when we look at Solana on the other hand, we see that it is at the average wage level of $0.00025.
Going back a bit, the Ethereum network had switched from an auction-based fee mechanism to a basic fee system. At the same time, the London Hard Fork update was made in August. This upgrade was also expected to lower transaction fees.
In time, we will see more clearly when the next milestone in the network will come, whether users will switch to other networks instead of Ethereum.
Popularity of NFTs
NFTs have become very popular in the crypto ecosystem, especially in the last 1 year. Although the future of NFTs is not well understood yet, this area is of great interest. Although NFTs have emerged as art assets, it is thought that NFTs could replace licenses and house titles in the future. In addition, digital plots, which are very popular at the moment, are actually offered to their owners as NFTs. In other words, the items owned by all the lands and avatars purchased in the metaverse are actually NFTs. Therefore, it can be stated that investors have already started to invest in metaverses, which are expected to become even more important in the future.