• Ethereum’s NFT gas usage has dropped to 2-year low levels.
• Transaction activities on NFT marketplaces account for 1.85% of total gas usage on the Ethereum network.
• This downward trend in gas usage by marketplaces signals a potential shift in the NFT landscape.
NFT Gas Usage on Ethereum Reaches 2-Year Low
Ethereum’s network is experiencing a significant reduction in gas consumption by Non-Fungible Token (NFT) marketplaces, dropping to levels recorded in June 2021. Transactions on popular NFT marketplaces such as OpenSea, Blur, LooksRare, Rarible and SuperRare currently account for roughly 1.85% of the total amount of gas used on the Ethereum network – a marked decline from highs seen back in January 2022 when OpenSea alone comprised 28.69% of all transactions.
Marketplace Transactions Signal Potential Shift
This downward trend indicates that there could be a potential shift occurring within the NFT landscape and marketplace transactions may no longer be driving as much activity as before. As well, data points towards Bitcoin holders resisting exchanges and instead hanging onto their coins which could lead to an impending price surge should demand increase further down the line.
Bitcoin Futures Hit New Highs
The Chicago Mercantile Exchange (CME) Bitcoin futures are hitting new highs due to increased investor interest while Bitcoin whales have been observed engaging in deep distribution mode with over 15k BTC returning to exchanges recently. Options implied volatility is also dropping but this doesn’t mean that turbulence isn’t expected since the markets still anticipate some kind of disruption or changes ahead.
Conclusion
The decline in gas usage by NFT marketplaces signals a possible shift occurring within this space as investors become more cautious with their holdings and seek other opportunities instead such as CME Bitcoin futures which are hitting new highs due to increased interest from investors looking for opportunities outside of traditional cryptocurrency exchanges like Coinbase or Binance . Although options implied volatility has decreased, it’s important not to dismiss any potential turbulence ahead since markets are still expecting some kind of disruption or changes soon enough.
Author
Andjela Radmilac is an analyst at CryptoSlate who specializes in news coverage related to politics and cryptocurrencies alike after spending years covering political topics priorly
