Fun

News Feed - 2023-08-03 09:08:07

Ezra Reguerra11 hours agoNFT gas usage shows downward trend, signals shift in landscapeDespite a surge in Ether gas prices in May, NFT marketplaces only accounted for 3% of the entire Ethereum gas consumption.1242 Total views5 Total sharesListen to article 0:00NewsJoin us on social networksEthereum gas consumption by nonfungible tokens (NFTs) has dropped significantly since its high in 2021. NFT marketplaces and projects that occupied top spots in gas consumption at the time have declined sharply in the past two years.


Data shared by the on-chain analytics platform Glassnode shows that gas usage by NFT marketplaces is currently on a downward trend. This indicates a possible shift in terms of NFT use, where more users may be opting to hold on to their assets instead of trading them on marketplaces.Etherscan’s top 10 contracts or accounts consuming gas on Aug. 4, 2021. Source: The Wayback Machine


In 2021, NFTs were leading the charts in terms of Ethereum gas usage, according to blockchain explorer Etherscan. On Aug. 4, 2021, NFT gaming project Axie Infinity placed second in terms of gas usage due to its Ronin bridge, which transfers assets from Ethereum to the Ronin blockchain. On the same day, NFT marketplace OpenSea was in fourth spot on the list.


Related:Ethereum gas fees cool down after May memecoin frenzy


However, jumping forward to 2023, crypto analytics platform Nansen revealed that NFT marketplaces only accounted for just over 3% of the entire gas consumption in a weekly period in May. This happened amid a surge in Ether (ETH) gas prices at the time and sparked theories that NFTs were only a “product of excess liquidity” due to money printing during the pandemic.Gone were the days of NFTs topping the Ethereum gas-consuming charts. This week, of the top 20 gas consumers, OpenSea and Blur accounted for less than 10% combined.

And against all gas consumers, the NFT marketplaces were just over 3%. Uniswap in contrast was 10x more - 31.99%. pic.twitter.com/4NUF6Yb3eX— Nansen (@nansen_ai) May 19, 2023


Today, gas consumption by NFTs continues its decline. Currently, the gas consumption of Blur, OpenSea, SuperRare, LooksRare and Rarible only account for roughly 1.85% of the gas consumption for the entire Ethereum network. 


In addition, OpenSea and Axie Infinity — projects that once topped the charts in Etherscan’s top gas users — are nowhere to be seen in the top 50 list. However, while marketplaces are nowhere to be seen in terms of gas consumption, NFT marketplace Blur still sits around Etherscan’s top 30 spot for gas consumers at the time of writing.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine:Ordinals turned Bitcoin into a worse version of Ethereum: Can we fix it?# Ethereum# Fees# NFT# Transaction FeeAdd reactionAdd reactionRelated NewsHow to track and report crypto transactions for tax purposesERC-20 inventor discusses origins, new blockchains, BRC-20 and moreEthereum is about to get crushed by liquid staking tokensCentralized exchanges will become gateways for DeFi: Finance RedefinedMcDonald’s in the metaverse, pro players to try Web3: Nifty NewsletterNFT-optimized Palm Network to become a Polygon ZK Supernet

News Feed

Telegram commits to TON blockchain, plans to support tokenized emojis and stickers NFTs
Gareth Jenkinson9 hours agoTelegram commits to TON blockchain, plans to support tokenized emojis and stickers NFTsFounder Pavel Durov outlined plans for the decentralized messaging app to tokenize stickers and power bloc
Will DOGE reach $1 this cycle? It's a 'crapshoot,' say analysts
Ciaran Lyons4 hours agoWill DOGE reach $1 this cycle? It"s a "crapshoot," say analystsDogecoin has “historical heritage” but whether it hits a one-dollar price target is still a risky bet.13514 Total views6 Total sha
French Central Bank Conducts Fifth Experiment on Tunisia CBDC
French Central Bank Conducts Fifth Experiment on Tunisia CBDC The French central bank, Banque de France (BOF), recently carried out its fifth experiment on the C
Arijit Sarkar43 minutes agoCZ appoints Binance security team to track Huobi HTX stolen fundsTo minimize the damage, HTX proactively offered 5% of the drained funds as a “white-hat bonus,” which would amount to nearly
Seeking Profits: A Number of Large Crypto Exchanges Are Mining and Staking Digital Assets
Seeking Profits: A Number of Large Crypto Exchanges Are Mining and Staking Digital AssetsDuring the last 12 months, large cryptocurrency exchanges have been getting into digital cur
Crypto Biz: ARK drops bid for spot Ether ETF, miners adapt after halving, and more
Ana Paula PereiraJun 07, 2024Crypto Biz: ARK drops bid for spot Ether ETF, miners adapt after halving, and moreThis week’s Crypto Biz explores ARK Invest’s partnership with 21Shares, Galaxy Digital’s tokenized loan
Crypto investment products see outflows for second consecutive week — CoinShares
Ana Paula Pereira5 hours agoCrypto investment products see outflows for second consecutive week — CoinSharesBitcoin funds led outflows among crypto investments over the past week, with $192 million exiting the market a
Bitcoin layer 2s among catalysts of this bull cycle, Bitcoin OG says
Marco Castrovilli5 hours agoBitcoin layer 2s among catalysts of this bull cycle, Bitcoin OG saysThe emerging Bitcoin layer-2 sector will be one of the main narratives driving BTC’s price to unprecedented highs in this
Jesse Coghlan2 hours agoCME Group to launch BTC, ETH reference rates aimed at Asia’s investorsCME reported nearly half of its crypto volume year to date came from non-U.S. trading hours and around 11% from the Asia Pac
Bitcoin’s Liquidity Lifeline Just Got Cut—What You Need To Know
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Settlement Denied: XRP Drops After Ripple Hits Legal Roadblock
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Crypto Exchange Binance Terminates Some Services in South Africa After Warning by Regulator
Crypto Exchange Binance Terminates Some Services in South Africa After Warning by Regulator Binance has announced that it is terminating some services in South Africa to comply wit