ETH gas fees have slid in recent weeks causing an increase in NFT sales and DeFi activity.
According to the latest data from bitinfocharts, the average transaction cost on Ethereum is $15.431 (0.0045 ETH) which is one of the lowest points in the last 3 months.
The dropping trend over the last 3 months correlates to the drop in the price of ETH which since the turn of the year has tumbled alongside other cryptocurrencies.
The price of ETH is currently about $2,700, but has struggled to sustain brief hits past $3,000 in the last seven days.
However, NFT sales on the Ethereum blockchain are witnessing a rise as they were reported to increase by 36.06% two days ago. This is more than any other blockchain with at least US$100, 000 in sales over the period.
Ethereum, the second-largest blockchain, also hit 1 million unique NFT buyers mark on February 27, 2022, seven years since the first NFT was minted on the Ethereum blockchain.
The August 2021 London hard fork was expected to lower transaction fees as the blockchain moved from an auction-based gas mechanism to a base fee system.
Although it is the most popular Chain for NFT and DeFi activity, Ethereum has faced criticism over expensive transactions with rival chains emerging to steal Ethereum’s thunder.