On Sunday, the total number of unique non-fungible token (NFT) buyers on the Ethereum blockchain surpassed 1 million, as the network’s gas fees fell to their lowest level since August.
In the last 24 hours, NFT sales on Ethereum surged by 36.06 percent, higher than any other blockchain with at least US$100,000 in sales.
According to JP Morgan, Ethereum is losing market share in NFT sales to rivals like Solana due to expensive fees.
Ethereum’s average transaction price has dropped to US$11, a nearly 80% reduction from early January. But, still exorbitant when compared to Solana’s average fees of US$0.00025.
As the blockchain transitioned from an auction-based gas mechanism to a base fee scheme. That’s, the London hard fork in August was expected to cut transaction fees.
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