On Sunday, the total number of unique non-fungible token (NFT) purchasers on the Ethereum blockchain surpassed 1 million, as the network’s gas fees fell to their lowest level since August. NFT sales on Ethereum surged by 36.06 percent in the previous 24 hours, higher than any other blockchain with at least $100,000 in sales within the same time period.
According to JP Morgan, Ethereum is losing out on NFT sales to competitors like Solana owing to expensive prices. The average transaction cost for Ethereum is now USD 11, a nearly 80% reduction from early January, but remains exorbitant when compared to Solana’s USD 0.00025 average rates.
The London hard fork in August was supposed to reduce transaction costs as the blockchain transitioned from an auction-based gas mechanism to a base fee scheme.