While the crypto market is unstable, fans of non-fungible tokens (NFT) are taking the opportunity to buy collections on Ethereum-based platforms.
Based on records, the network saw more than 1 million consumers as gas prices dropped to their lowest level since August 2020 yesterday.
For the record, on February 27 the price of gas has dropped to an average price level of 41 gwei with a minimum value: 15 gwei and a maximum: 315 gwei.
This led to a spike in NFT sales of up to over 36% in 24 hours, surpassing most blockchains by a difference of at least $ 100,000.
However, JP Morgan thinks that Ethereum has now surpassed its competitors such as Solana in terms of NFT sales due to excessive gas.
If you look at the differences between these two networks, the average transaction cost on Ethereum has dropped to $ 11, almost 80% cheaper since early January.
Compared to its competitors, Solana recorded an average transaction cost of just $ 0.00025.
The presence of the London hard fork was to ‘fix’ transaction costs but to this day, consumers are still dissatisfied with current costs.
If they want to get a cheap transaction cost it means users have to wait for moments like yesterday to make any transaction on Ethereum.
