News from the digital and NFT world – 30 JUNE 2021
Every day, Art Rights Magazine selects the best news from the world of digital art, to stay up to date!
Ethereum gas fees fell
Among the problems most complained about by artists when mining NFTs is the gas fee, a commission on the Blockchain transaction on the Ethereum or Bitcoin network.
For the past 6 months, according to data provided by BitInfoCharts, the average transaction fee on Ethereum is now $ 2.15. This is the lowest average fee since December 20, 2020, when the average fee was $ 2.
Transaction fees did not exceed $ 2 for most of 2020, but things took an unexpected turn as Bitcoin’s bull run kicked off this year, dragging Ethereum with it.
ETH transaction fees hit as high as $ 69.92 on May 12, a day after Ethereum hit its all-time high of $ 4,164. Another momentary spike occurred exactly a week later when transaction fees increased to $ 59.57.
What’s Happening to Ethereum?
The fees are low because the demand for Ethereum is low. The price of ETH is now around $ 1,800 and is slowly falling.
Fees could further decrease following the arrival of Ethereum 2.0, the upgrade to the Ethereum blockchain, which could take years before it is fully implemented, but promises faster and cheaper transactions and much greener mining.
This is partly because the network will shift from the current proof-of-work consensus mechanism, which requires powerful hardware to validate transactions, to proof-of-stake.