In accordance with the data revealed by Bitinfocharts, the average transaction fees have surged to $27.23, marking an increase of around 240% since the start of August. Reportedly, NFT Mania has sent Ethereum gas prices to a 14 week high, and as a result of this, the users of Ethereum are suffering again due to increased transaction fees.
Ethereum gas fees are a major concern for the users and the last time gas fees was this high was on May 19, when average prices surged to $60, and before that, the all-time high for gas was $70 on May 12.
According to the gas tracker of Etherscan, a Uniswap token swap can cost around $30 at the moment.
In addition to this, it should be noted that the Ethereum network has reportedly generated a whopping $32.7 million in fees, which is 98% more than that of Bitcoin, as it generated $629K in-network fees on August 26.
As the hype surrounding non-fungible tokens is surging once again, it is considered as the root cause of the gas spike. In accordance with Nonfungible, August is going to be the highest month in terms of sales, having already notched up $900 million over the last month.
OpenSea has generated around $5.7 million in network fees generated over the last 24 hours representing approximately 21% of the total gas used on Ethereum over the past day. Witnessing the heavy transaction fees, NFT investors have begun to slow down.
Talking about the price of Ethereum, the price has retreated by 1.7% over the past 24 hours as it was trading around $3,100 on some exchanges at the time of writing this article.
Though Ethereum has witnessed a notable gain over the past month, it is still 29% down from its ATH.