Recovery of NFT Market Pushes Ethereum Gas to Nine-Month High
According to the news on February 28, the recovery of the NFT market pushed the cost of Ethereum gas to 38 gwei in February, a new high in the past nine months…
According to the news on February 28, the recovery of the NFT market pushed the cost of Ethereum gas to 38 gwei in February, a new high in the past nine months. The median price of Ethereum gas in the past nine months has basically remained in the range of 10-20 gwei, reaching 36 gwei only when the FTX crashed in November, and 24 gwei only when the “money security run” in December.
Data: The median price of Ethereum gas rose to 38 gwei in February, hitting a new high in the past nine months
Interpretation of the news:
The news on February 28 reported that the NFT market’s recovery caused the Ethereum gas cost to soar to 38 gwei, setting a new nine-month high. This cost has remained between 10-20 gwei for the past nine months, reaching 36 gwei only when the FTX crashed in November and 24 gwei when the “money security run” took place in December.
To understand the significance of this news, one must first understand what is meant by Ethereum gas. In the Ethereum network, every transaction (including smart contract execution) requires a certain amount of gas to be paid by the user. Ethereum gas is the cost of using that particular amount of gas, measured in gwei (short for giga-wei).
One significant use of Ethereum gas is in NFT transactions. NFTs are unique digital assets based on blockchain technology that can be bought and sold, just like physical assets. The NFT market has seen rapid growth in recent months, with record-breaking sales of digital art, music, and other digital assets. As a result, the demand for Ethereum gas has also increased.
The February surge in the cost of Ethereum gas is a reflection of this increased demand for NFTs. It shows that there is a significant demand for Ethereum gas, which may continue to rise as the NFT market grows.
While the surge in Ethereum gas cost may sound alarming, it highlights the importance of scalability in blockchain networks. Currently, Ethereum gas costs can be quite high during periods of network congestion. This can make it challenging for NFT creators to mint and sell their products, which may limit the growth of the NFT market.
In conclusion, the news of the surge in Ethereum gas cost due to the recovery of the NFT market emphasizes the importance of scalability in blockchain networks. With the rapid growth of the NFT market, it is crucial to develop solutions that can handle increased demand for Ethereum gas and prevent skyrocketing costs.
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