The relative amount (share) of gas consumed by the Ethereum network through transactions involving non-fungible tokens (NFTs) includes token contract standards (ERC721, ERC1155) and NFT marketplaces (OpenSea, Blur, LooksRare, Rarible, SuperRare) used for trading.
Shifts in Ethereum’s Gas Usage by NFTs
Over the past few years, Ethereum’s gas usage for NFTs has seen significant changes, primarily as various platforms have gained and lost popularity. Recent data shows that Blur and OpenSea have consistently led in gas consumption since early 2024. This trend indicates increasing activity on these platforms, with traders and collectors remaining active in the NFT market. In contrast, platforms such as Rarible and SuperRare exhibit relatively lower gas usage, reflecting their smaller user bases or less frequent transactions.
Historical Trends in Gas Usage
Significant spikes in gas usage by NFT transactions have historically correlated with broader trends in Ethereum’s price movements. For example, the surge in early 2021 aligned with a considerable bull run in the crypto market, resulting in more transactions and higher gas fees. As Ethereum’s price stabilized in mid-2023, NFT-related gas usage also normalized, illustrating the interconnectedness of these metrics.
Current Landscape and Market Influence
The current landscape suggests that, despite the emergence of new NFT marketplaces, established platforms like Blur and OpenSea continue to dominate, significantly influencing Ethereum’s overall gas consumption patterns. This dynamic is crucial for understanding the operational costs and transaction efficiency of the Ethereum network.
Decline in Overall NFT Gas Usage
Although relative usage may align with past cycles, overall NFT gas usage has significantly decreased since January 2023 as a percentage of total network activity. At its peak, gas usage exceeded 40%, consistently staying above 30%. Current levels have dropped below 4%, partly due to the rising popularity of layer-2 solutions like Base and side chains like Polygon, along with a general downtrend in the NFT market.
Conclusion
Understanding the shifts and trends in Ethereum’s gas usage by NFTs is essential for comprehending the operational dynamics of the network. Established platforms continue to play a significant role, while the overall decrease in gas usage reflects broader market trends and technological advancements.
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