Key Points
- Ethereum’s NFT sales volume increased by 31% last week, leading to a rise in transaction fees.
- Despite the increase in transaction fees, Ethereum’s overall transaction volume remained steady.
Ethereum’s transaction fees have recently experienced a significant decrease due to the implementation of Ethereum Improvement Proposals (EIPs).
However, a surge in NFT sales and network activity in recent weeks has caused a slight increase in fees.
Ethereum Transaction Fees at a 3-Month High
Data from IntoTheBlock reveals that Ethereum’s transaction fees recently reached a three-month peak. The total weekly fees rose to $45 million, the highest since June 2024.
The daily fees began to increase around September 22nd, with volumes doubling before eventually declining. The fees have currently stabilized at around $3 million.
Etherscan data also indicates that the average transaction fee began to rise around the same time, surging from $4 on September 22nd to over $7 by September 24th, before falling to around $2.85.
Increased Activity in Ethereum’s NFT Market
The NFT market on the Ethereum network has seen a resurgence of activity. DuneAnalytics data shows a slight increase in NFT trading volume in recent weeks, contributing to the rise in transaction fees.
Daily NFT volume has consistently exceeded $4 million in recent days. CryptoSlam also reports that Ethereum had the highest NFT sales volume over the past week, reaching $29.3 million, a 31% increase week-over-week.
Despite the increase in fees and NFT activity, Ethereum’s overall transaction volume has remained consistent. Data from DefiLlama shows no significant spikes in total transaction numbers, except for a slight increase to 1.2 million on September 27th. The number of daily transactions has consistently stayed around the 1 million mark.
The recent fee increase on the Ethereum network is largely due to the heightened activity in NFT sales, even though the overall network transaction volume remains stable.