In the past five months, the price of Ethereum gas has plummeted dramatically. The current average price of gasoline was 25 gwei, or around $1.17. The average quantity of Ethereum gas has been decreasing since mid-January 2022. The Ethereum gas costs were roughly $52.46 per transfer in mid-January. They were roughly $15.13 per transfer in mid-February. This is a 71% decrease from mid-January.
The average transaction cost has now been reduced to $10.68, according to data from bitinfocharts.com. The last time ETH gas was this cheap was in mid-September of 2021.
These are the fees paid to miners in exchange for them doing complicated computations to validate blockchain transactions. The cost of gas grew in tandem with the growth of Ethereum’s network traffic.
According to one report, one of the causes for the drop in gas costs is an increase in layer 2 activity or people transferring to other networks. According to the paper, the decrease in gas prices might be linked to a decrease in NFT sales. For example, “between February 12 and 13, there’s a slight increase in traffic on OpenSea before it goes off a cliff—the same with gasoline costs,” it stated.
At this point, they are just educated assumptions. However, lower gas prices are unquestionably good news for NFT traders.
