Ethereum Reaches 1 Million NFT Buyers

Gas fees on the Ethereum network are at their lowest level since August. As a result, the total number of NFT buyers on the Ethereum blockchain reached 1 million. This is considered a milestone for the network.

The Number of NFT Buyers in Ethereum Exceeds the 1 Million Threshold

The total number of NFT buyers on the Ethereum blockchain has exceeded 1 million. The number of buyers, which increased by 36.06 percent in the last 24 hours, reached a new milestone.

Meanwhile, according to JPMorgan, the high fees on Ethereum are causing buyers to go to competitors like Solana. Ethereum’s average transaction fee has dropped by 80 percent since the beginning of January, falling to $11. However, when we look at Solana on the other hand, we see that it is at the average wage level of $0.00025.

The Ethereum network had switched from an auction-based fee mechanism to a basic fee system. At the same time, the London Hard Fork update was made in August. This upgrade was also expected to lower transaction fees.

In time, we will see more clearly when the next milestone in the network will come, whether users will switch to other networks instead of Ethereum.