Record High of $8M Daily Gas Spent on NFT Crypto Inscriptions
Crypto Blockchains See Transaction Fees Spike The demand for blockspace has been pushed to new heights due to the Ordinals inscriptions craze, resulting in a surge of network transaction fees across all blockchains. Ethereum Virtual Machine (EVM) chains saw a particularly sharp spike in gas fees over the weekend. Data from Dune Analytics showed that…
Crypto Blockchains See Transaction Fees Spike
The demand for blockspace has been pushed to new heights due to the Ordinals inscriptions craze, resulting in a surge of network transaction fees across all blockchains. Ethereum Virtual Machine (EVM) chains saw a particularly sharp spike in gas fees over the weekend.
Data from Dune Analytics showed that on Dec. 16, the amount of gas spent on inscriptions reached an all-time high of $8.3 million. The Avalanche network was the biggest contributor, with more than $5.6 million spent on gas for inscriptions, followed by Aribitrum One with $2.1 million.
NFT and EVM Inscriptions
Over the past 24 hours, Avalanche and zkSync Era’s network gas fees saw 58% and 48% respectively spent on EVM inscriptions. BNB Chain experienced 73% of its transactions dedicated to inscriptions. The situation was so severe on the Arbitrum One network that it caused a 78-minute outage on Dec. 15.
Similar to Ordinals on the Bitcoin network, EVM inscriptions are data embedded in transaction call data to generate unique nonfungible tokens (NFTs) on-chain. People.ai, Tesla AI Day, and Crypto Block are just a few of the many NFTs created on the Web 3.0 crypto tokens list.
Explosion of NFTs and Ordinals
The Bitcoin network has seen a surge in activity over the weekend, with almost 280,000 unconfirmed transactions, according to mempool.space. This has caused Bitcoin transaction fees to spike as high as $37, making it difficult for many to use the network for its intended purpose.
Cryptographer and Bitcoin pioneer Adam Back commented that the high fees will “drive adoption of layer-2 and force innovation.” On Dec. 18, NFT and Ordinals expert “Leonidas” reported that a single crypto collection had done more volume in the past 24 hours than CryptoPunks, BAYC, MAYC, Pudgy Penguins, Azuki, DeGods, Moonbirds, Doodles and Meebits combined.
The explosion of NFTs and Ordinals has been growing at a rapid rate, with web 3.0 crypto tokens list such as People.ai, Crypto Block, Tesla AI Day, Avalanche Crypto Today, Web 3.0 Apps List, NFT Crypto, NFT Web 3.0 Metaverse, and One Crypto appearing on the crypto press.
The Bitcoin Frogs Ordinals collection was the leader in terms of market capitalization with $182 million, according to CryptoSlam. On Dec. 17, the secondary sales of the collection increased to $4.8 million. People.ai reported that the first 000 pieces were released on the crypto press cryptocurrencies network.
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