Increase in Ethereum Fees – How NFT Sales Boosted Network Activity
Ethereum transaction fees have reached their highest level in the past three months due to increased NFT activity, totaling $45 million.
The volume of Ethereum NFT sales increased by 31% last week, significantly impacting the network’s transaction fees.
- Ethereum has been experiencing consecutive declines over the last three days of the month.
Transaction fees for Ethereum [ETH] have significantly decreased following the implementation of its EIPs (Ethereum Improvement Proposals).
However, recent weeks have seen a slight increase in fees due to rising NFT sales and network activity.
Ethereum Transaction Fees Reach a Three-Month High
According to data from IntoTheBlock, Ethereum transaction fees have recently reached their highest level in the past three months. Total weekly fees amounted to $45 million, the highest figure since June 2024.
Further analysis shows that daily fees began to rise around September 22, with the volume increasing from $4 million to nearly double before experiencing a subsequent decline.
At the time of publication, fees were around $3 million.
Source: IntoTheBlock
Similarly, Etherscan data showed that the average transaction fee began to rise during the same period.
The average fee increased from $4 on September 22 to over $7 on September 24, before decreasing to around $2.85 at the time of publication.
Ethereum’s NFT Market Accelerates
The NFT market on the Ethereum network is showing signs of renewed activity.
Data from DuneAnalytics indicates that NFT trading volume has slightly increased in recent weeks, contributing to the rise in transaction fees.
Analysis revealed that daily NFT volume has consistently exceeded $4 million in recent days.
Furthermore, CryptoSlam reports that Ethereum had the highest NFT sales volume in the past seven days. Data shows that sales volume reached $29.3 million, marking a 31% increase compared to the previous week.
Ethereum Transaction Volume Remains Steady
Despite the rising fees and NFT activity, the total transaction volume on Ethereum has remained stable.
Data from DefiLlama indicates that there has been no significant increase in the total number of transactions, except for a slight rise to 1.2 million on September 27.
Over the past few weeks, the daily transaction count has consistently hovered around 1 million transactions.
While Ethereum has recently experienced increased fees due to heightened NFT activity, the overall transaction volume on the network remains steady.
This suggests that NFT sales have been the primary driver of the current fee increase.
