- NFT Ethereum gas consumption has plummeted since its impressive peak in 2021
- NFT marketplaces comprise just over 3% of the entire gas usage now
NFT Ethereum gas consumption has plummeted since its impressive peak in 2021. NFT projects and marketplaces that took top spots in gas consumption have dropped dramatically in the past two years, Cointelegraph reported, citing Glassnode data.
The blockchain analyst shared data, according to which NFT marketplaces’ gas use is currently in a downward spiral. This shows a potential shift in NFT transactions, with more people choosing to hold on to these assets rather than exchange or sell them on marketplaces.
NFTs led Ethereum gas use in 2021
NFTs topped the charts in terms of Ethereum gas usage two years ago, data from blockchain explorer Etherscan indicates. Exactly two years ago, Axie Infinity, a notable NFT gaming project, ranked second in gas use because of Ronin bridge, which transferred assets to and from the Ethereum Mainnet. OpenSea, the biggest NFT marketplace, came in fourth.
NFT marketplaces account for 3% of gas use
Over a one-week period in May 2023 Nansen, the crypto and blockchain analyst, reported that NFT marketplaces comprised just over 3% of the entire gas usage. In 2021, this percent was much higher despite a considerable hike in Ether gas prices. There emerged theories back then, according to which money was being printed excessively during Covid and NFTs were a product of surplus liquidity.
Niche continues to decline
Gas use by NFT platforms continues to drop. The gas consumption of OpenSea, Rarible, Blur, SuperRare, and LooksRare accounts for less than 2% of the gas consumption for the entire Ethereum Mainnet.
Axie and OpenSea dropped off the charts
At the height of the NFT craze, projects on OpenSea and Axie Infinity topped the charts of Etherscan gas users. Now, the platforms are absent from the top 50. The only NFT marketplace on a chart, specifically Etherscan’s top 30, is Blur at this time.
