Eth gas fees have become this cheaper after ten months. NFT marketplace is growing at a rapid pace. They are going to be the future. Last year, it was about $31 Billion, and this year, it can reach a height of $73 Billion.
There is much going on every day in the crypto space. It is hard for anyone to keep track of the events happening in the NFT space. It is a fast-evolving sector that sees a lot of development every day.
If anyone is planning to buy Ethereum-based NFT, it is the perfect time for them in terms of gas fees. There has news that due to the recession in the crypto market, there has been a massive drop in gas fees. It has dripped to as low as $3 for some transactions, which is considered the minimum in the last 2 to 3 years. This article will look at the current ETH gas fees and why they are becoming cheaper.
Current Ethereum Gas fees
Ethereum Gas fees are dipping rapidly. It has gone under $3. As of midnight on Sunday, it declined to $2.96 per transaction. This drop was seen after last July. It has been ten months since that price drop. At that time also, the main reason was the crypto market crash. And this time, the reason is the same. Also, the median ETH price is much cheaper than usual. It has gone to as low as $1.56, which has dropped significantly from March.
It has been seen that the Ethereum price drop has occurred since March and is going down rapidly.
Why is Ethereum Gas Fees Cheaper?
Let’s start first with the introduction of gas fees. Gas fees are the fees we pay to the Ethereum miners to validate our transaction on the Ethereum network. Each trade requires a little energy work on the network, which is taken as fees by the miners to do that. As the network grows, the transaction fees on the network increase. The more significant the number of pending transactions, the larger the gas fees are taken and vice versa.
Due to the crypto market crash, there is significantly less activity on the Ethereum blockchain network happening, leading to low gas fees. Santiment, a market intelligence firm, has given a report that suggests that gas fees are cheaper due to the decline in people’s interest in the Ethereum Blockchain network. The report says, “We could even notice they’ve been that low before previous bottoms… Low fees indicate very less activity which means no one is interested in doing anything on the network.”
The second reason, which is said to be the secondary reason, is the merger in August. In this merger, Ethereum will merge with Ethereum 2.0, which will see the Ethereum network moving to the proof-of-stake(PoS) model. This will also lower gas fees and have a minimum impact on the environment, which is a great sign. Blockchain enthusiasts have been eagerly waiting for this merger to happen. Due to this merger, many people are holding their buying instinct so that they can perform a transaction on the lowest gas fees possible on the network.