Fees Threaten Ethereum’s Perch as King of NFTs – InvestorPlace

Fees Threaten Ethereum’s Perch as King of NFTs – InvestorPlace

Ethereum (CCC: ETH-USD) is now very congested and gas fees (transaction costs) are very high. One analytical group believes that one of its most popular decentralized apps (Dapps), non-fungible tokens (NFTs), is slowing down due to the high gas fees at Ethereum crypto.

A concept image of mining an Ethereum (ETH) token.

Source: Shutterstock

And just in case you are not aware, many Ethereum transactions these days are done to buy NFTs. In fact, after trading on Uniswap (CCC:UNI-USD), the crypto exchange, trading on Opensea is the second largest use of Ethereum. Opensea is the largest NFT marketplace.

The analytical group, DappRadar, is very important in studying developments at Ethereum and NFTs. Don’t just take Opensea’s word that it is the largest NFT marketplace. DappRadar has a page that shows that in the past 30 days Opensea has had $2.6 billion in transactions (buying and selling of NFTs).

How Gas Fees Affect Ethereum and NFTs

To see what is happening with gas fees and Ethereum, let’s look at what is going on at Opensea. DappRadar has a page that shows in the past 24 hours there have been $80.5 million in transactions conducted on Opensea. It also shows that there were 30,900 users. Therefore, assuming both sides to a transaction got charged fees, the average transaction
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