Recent data indicates that Blur and OpenSea have consistently dominated gas consumption since early 2024, reflecting the increasing activity on these platforms amidst traders and collectors continuing to engage in the NFT market. On the other hand, platforms like Rarible and SuperRare show relatively lower gas usage due to their smaller user bases or less frequent transactions.
Historically, spikes in gas usage by NFT transactions have correlated with broader trends in Ethereum’s price movements. For example, the surge in early 2021 coincided with a significant bull run in the crypto market, leading to more transactions and higher gas fees. As Ethereum’s price stabilized in mid-2023, NFT-related gas usage also normalized, revealing the interconnectedness of these metrics.
The current landscape suggests that while new NFT marketplaces emerge, established platforms like Blur and OpenSea maintain relative dominance, continuously influencing Ethereum’s overall gas consumption patterns. This dynamic plays a crucial role in understanding the operational costs and transaction efficiency of the Ethereum network.
Despite relative usage being consistent with past cycles, overall NFT gas usage has decreased since January 2023 as a percentage of overall network activity. Gas usage peaked above 40% and consistently stayed above 30%, but current levels are below 4% due to the growing popularity of layer-2s like Base and side chains like Polygon, along with a general downturn in the NFT market.
