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Thanks to the NFT, Ethereum transaction fees are on a 14-week high

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Nonfungible tokens have recovered this month, and the result is not good for Ethereum users as transaction fees skyrocket again. They reached the highest level in 3 months. According to Bitinfocharts, the average transaction fee rose to $ 27.23 yesterday, an increase of 240% since the beginning of August.

The last time transactions were so expensive was on May 19, when average prices climbed to $ 60, before that ATH was recorded at $ 70 on May 12.

Ethereum transaction fees are rising

Díky NFT jsou ceny transakcí na Ethereu na 14týdenním maximu

These prices are average, so operations such as token exchange or smart contracts are likely to be more expensive. According to Etherscan swap of tokens to Uniswap can currently cost up to $ 30.

Cryptofees announced that the ETH network generated an incredible $ 32.7 million in fees yesterday. That’s 98% more than BTC.

Record month of NFT sales

Non fungible tokens are the cause of a sharp increase in fees. According to Nonfungible, August will be the best month, with sales in the last 30 days reaching $ 900 million.

The OpenSea NFT is currently the biggest fee wasteful, with network fees of around $ 5.7 million generated in the last 24 hours. This represents almost 21% of the total charges on Ethereum in the last day. According to Etherscan, the Axie Infinity is also to blame, generating 933 thousand in the last 24 hours. dollars.

NFT investors also started to slow down due to high transaction fees.

“Yes, almost all NFT markets. Today, I don’t buy any more NFTs unless they are worth> 1ETH, because it’s not worth spending a $ 200 fee on something cheaper. ”

According to Cryptoslam, Axie Infinity and CryptoPunks have dominated NFT sales over the past 30 days, generating $ 850 million and $ 500 million, respectively. Art Blocks are the third most popular with sales of 438 million in the last month.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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