NFT Marketplace Comparison: Day 5
NFT gas costs compared with daily Ethereum fees.
We are closing out the NFT series today with an analysis of Rarible and OpenSea daily gas costs in comparison to total daily Ethereum network fees. The flack that NFTs get for pushing up network gas fees might not be justified. At least not on the transaction front.
The share of daily network fees that NFTs occupy is rising quickly but the higher gas costs appear to be from generally higher traffic - which is a good thing. The higher traffic may very well be people moving money around so they can purchase NFTs but traffic is traction.
The NFT registries use about 1% of network fees each day. This paired with the 1.75% from transactions means that the major functions of NFTs use only about 3% of total daily network fees. Do you think the extra traction and traffic brought by NFTs is worth the added fees?