Ethereum fees spike – How NFT sales drove network activity

• Ethereum’s NFT sales volume rose 31% last week, significantly impacting the network’s transaction fees.
• ETH has been on consecutive decline in the last three days of the month. 

Ethereum [ETH] transaction fees have decreased significantly following the implementation of its EIPs (Ethereum Improvement Proposals).

However, recent weeks have seen a slight uptick in fees, driven by rising NFT sales and network activity.

Ethereum transaction fees reach 3-month high

According to data from IntoTheBlock, Ethereum’s transaction fees recently hit a 3-month high. The total weekly fees climbed to $45 million, the highest since June 2024.

A deeper analysis shows that daily fees began rising around the 22nd of September, with volumes increasing from $4 million to almost double before a subsequent decline.

At press time, the fees had settled at around $3 million.

Similarly, data from Etherscan revealed that the average transaction fee started increasing around the same time.

The average fee surged from $4 on the 22nd of September to over $7 by the 24th of September, before dropping to around $2.85 as of press time.

Ethereum NFT market gains momentum

The NFT market on the Ethereum network has shown signs of renewed activity.

Data from DuneAnalytics indicates that the NFT trading volume has increased slightly in recent weeks, contributing to the rise in transaction fees.

Analysis showed that daily NFT volume has consistently surpassed $4 million in recent days.

Additionally, CryptoSlam reports that Ethereum had the highest NFT sales volume over the past seven days. The data showed that the sales volume reached $29.3 million, a 31% increase week-over-week.

Ethereum transaction volume remains stable

Despite the rise in fees and NFT activity, Ethereum’s overall transaction volume has remained steady.

Data from DefiLlama shows no significant spikes in total transaction numbers, except for a slight increase to 1.2 million on the 27th of September.

Over the last few weeks, the number of daily transactions has consistently stayed around the 1 million mark.

Read Ethereum’s [ETH] Price Prediction 2024-25

While Ethereum has experienced a recent fee increase due to heightened NFT activity, the overall network transaction volume remains stable.

This suggests that NFT sales have been a key driver of the current fee spike.