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NFT gas usage on Ethereum reaches 2-year low

Data via Glassnode

Declining gas usage on NFT marketplaces signals a potential shift in the NFT landscape.

Andjela Radmilac
Aug. 3, 2023 at 11:15 am UTC
1 min read
Updated: Aug. 3, 2023 at 11:15 am UTC

The Ethereum network is experiencing a significant reduction in gas consumption by NFT marketplaces, dropping to levels recorded in June 2021.

Transaction activities on NFT marketplaces OpenSea, Blur, LooksRare, Rarible, and SuperRare currently account for roughly 1.85% of the total gas usage on the Ethereum network. This represents a marked decline from the previous high on Jan. 9, 2022, when transactions on OpenSea alone comprised a staggering 28.69% of Ethereum's total gas consumption.

This downward trend in gas usage by marketplaces signals a potential shift in the NFT landscape.

ethereum gas usage nfts
Graph showing the percentage of Ethereum's total gas usage accounted for by NFT market transactions from August 2020 to August 2023 (Source: Glassnode)

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In this insight
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Vol: $7.95B MCap: $359.91B

Ethereum is an open source smart contract platform and decentralized network that underpins a large share of the global crypto economy.

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RARI RARI (24h)
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$RARI is the native ERC-20 token of the Rarible ecosystem, designed to govern and support a community-driven framework for decentralized NFT infrastructure.

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SuperRare RARE (24h)
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SuperRare is a marketplace to collect and trade unique, single-edition digital artworks..

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OpenSea

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OpenSea is a decentralized peer-to-peer marketplace for buying, selling, and trading NFTs.

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LooksRare

NFT Marketplace • North America

LooksRare is a community-first NFT marketplace that actively rewards all users of the platform.

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Blur

NFT Marketplace • North America

Blur is an NFT marketplace and aggregator that was launched on October 19, 2022.

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