The total number of unique non-fungible token (NFT) buyers on the Ethereum blockchain crossed the 1 million customers milestone on Sunday as the network’s gas fees slid to its lowest since August.
See related article: Ethereum price expected to hit $7,609 in 2022: report
Fast facts
- NFT sales on Ethereum increased by 36.06% in the last 24 hours, more than any other blockchain with at least US$100,000 in sales over the period.
- According to JP Morgan, Ethereum is losing out to rivals like Solana in NFT sales due to exorbitant fees.
- Ethereum’s average transaction fee is down to US$11, a near 80% discount from early January, but still expensive compared to Solana’s US$0.00025 average fees.
- August’s London hard fork was expected to lower transaction fees as the blockchain moved from an auction-based gas mechanism to a base fee system.
See related article: Jump in NFT demand reflects crypto prices, right? Wrong