Ethereum Fees Surge: NFT Sales Boost Network Activity

• The sales volume of NFTs on Ethereum surged by 31% in the last week, greatly influencing the transaction fees on the network.
• The price of ETH has seen a steady decline in the last three days of the month.

Transaction fees on Ethereum [ETH] have dropped significantly due to the adoption of EIPs (Ethereum Improvement Proposals).

Nevertheless, in recent weeks, there has been a slight increase in fees, attributed to rising NFT sales and overall network activity.

Ethereum transaction fees hit 3-month peak

As per data from IntoTheBlock, transaction fees on Ethereum recently reached a 3-month peak. Weekly total fees rose to $45 million, the highest since June 2024.

Further analysis indicates that daily fees started to rise around September 22nd, with volumes increasing from $4 million to nearly $8 million before experiencing a decline.

As of the latest update, the fees have stabilized at approximately $3 million.

Source: IntoTheBlock

In addition, data from Etherscan shows that the average transaction fee began to rise at a similar time.

The average fee jumped from $4 on September 22nd to over $7 by September 24th, before falling to around $2.85 as of the latest update.

Ethereum NFT market showing growth

The NFT market on the Ethereum platform is witnessing a revival in activity.

Data from DuneAnalytics reveals that NFT trading volume has experienced a slight increase recently, contributing to the rise in transaction fees.

Analysis indicates that the daily NFT volume has consistently surpassed $4 million in the past few days.

Source: DuneAnalytics

Furthermore, CryptoSlam indicates that Ethereum recorded the highest NFT sales volume in the last week, with sales hitting $29.3 million, a 31% rise compared to the previous week.

Ethereum transaction volume remains consistent

In spite of the increment in fees and NFT activity, the overall transaction volume on Ethereum has remained stable.

Data from DefiLlama indicates no significant fluctuations in total transaction numbers, except for a minor increase to 1.2 million on September 27th.

Over recent weeks, the daily transaction count has consistently hovered around the 1 million mark.

Check out Ethereum’s [ETH] Price Prediction 2024-25

Although Ethereum has faced a recent surge in fees due to increased NFT activities, the overall transaction volume remains stable.

This indicates that NFT sales have been a significant factor in the current rise in fees.