Ethereum Transaction Fees Drop While The NFT Market Crashes

The Ethereum transaction fees drop while the NFT market went on a tumble and it seems that the cryptocurrency is getting less expensive every day to use so let’s read more in our latest ETH news.

The average cost of a transaction on ETH is right now at $12.2 according to Etherscan. The fees paid for each transaction and mostly burned by the network can increase depending on the time of teh day because yesterday, the average transaction fee was $29 according to BitInfoCharts. This is a dramatic drop from averages of $59 on September 11 four days ago and the high of $59 was the highest level for a transaction on Ethereum from May 19 when the fees were set at $59. the highest ever average fee was observed on May 21 and was as high as $69.

The fees heated up in the past few weeks as the NFT market went ballistic and the price of ETH started rising however the seven-day average for NFT sales dropped since August 29 according to the NonFugible.com from over $1 billion to $217 million a day ago. The daily sales are even lower since the huge trading spike on August 28 when $267 million worth of NFT sold were trading then decreased to $7 million a day ago. The price of Ethereum followed a similar trajectory and ETH spiked from $3200 at the end of August to under $4000 which is a price level that it hovered at until September 7 when Etheruem tumbled to lows of $3186 as the sharp drop coincided with the tumbling of the S&P500 amid the growing concerns that the US economy won’t fully rebound from the pandemic.

Although the sales did drop, optimism persisted among NFT creators that claimed the space has a lot of growing to do and the best time is yet to come. There’s plenty of innovation in the NFT space but if the traders start looking somewhere else, the NFT artists could think that the investors started chomping at the bit to snap out some of their fresh ideas.

As recently reported, Following the colossal surge of $4 billion sales volume over the month of August, for the leading NFT marketplace OpenSea, its figures are now showing a metaphoric return of earth after the propulsion to the highs of last month. The NFT marketplaces paralleled reveals that over the past week, OpenSEA’s NFT volume got down by 50% to $792 million from a pool of 156,811 traders or 10% less than registered across the past week.