{"id":179490,"date":"2023-08-03T13:40:42","date_gmt":"2023-08-03T13:40:42","guid":{"rendered":"https:\/\/precoinnews.com\/?p=179490"},"modified":"2023-08-03T13:40:42","modified_gmt":"2023-08-03T13:40:42","slug":"nft-gas-usage-shows-downward-trend-signals-shift-in-landscape","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/nft-gas-usage-shows-downward-trend-signals-shift-in-landscape\/","title":{"rendered":"NFT gas usage shows downward trend, signals shift in landscape"},"content":{"rendered":"<p>Ethereum gas consumption by\u00a0nonfungible tokens (NFTs) has dropped significantly since its high in 2021. NFT marketplaces and projects that occupied top spots in gas consumption at the time have declined sharply in the past two years.<\/p>\n<p>Data shared by the on-chain analytics platform Glassnode shows that gas usage by NFT marketplaces is currently on a downward trend. This indicates a possible shift in terms of NFT use, where more users may be opting to hold on to their assets instead of trading them on marketplaces.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-08\/7db8a95b-c802-4c75-ac7f-210c343ce306.png\"><\/p>\n<p>In 2021, NFTs were leading the charts in terms of Ethereum gas usage, according to blockchain explorer Etherscan. On Aug. 4, 2021, NFT gaming project Axie Infinity placed second in terms of gas usage due to its Ronin bridge, which transfers assets from Ethereum to the Ronin blockchain. On the same day, NFT marketplace OpenSea was in fourth spot on the list.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Ethereum gas fees cool down after May memecoin frenzy<\/em><\/strong><\/p>\n<p>However, jumping forward to 2023, crypto analytics platform Nansen revealed that NFT marketplaces only accounted for just over 3% of the entire gas consumption in a weekly period in May. This happened amid a surge in Ether (ETH) gas prices at the time and\u00a0sparked theories that NFTs were only a \u201cproduct of excess liquidity\u201d due to money printing during the pandemic. <\/p>\n<p>Today, gas consumption by NFTs continues its decline. Currently, the gas consumption of Blur, OpenSea, SuperRare, LooksRare and Rarible only account for roughly 1.85% of the gas consumption for the entire Ethereum network.\u00a0<\/p>\n<p>In addition, OpenSea and Axie Infinity \u2014 projects that once topped the charts in Etherscan\u2019s top gas users \u2014 are nowhere to be seen in the top 50 list. However, while marketplaces are nowhere to be seen in terms of gas consumption, NFT marketplace Blur still sits around Etherscan\u2019s top 30 spot for gas consumers at the time of writing. <\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Ordinals turned Bitcoin into a worse version of Ethereum: Can we fix it?<\/em><\/strong><\/p>\n<p>Source: <a href=\"https:\/\/cointelegraph.com\/news\/nft-gas-usage-shows-downward-trend-signals-shift-in-landscape\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum gas consumption by\u00a0nonfungible tokens (NFTs) has<\/p>\n","protected":false},"author":3,"featured_media":179489,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NFT gas usage shows downward trend, signals shift in landscape - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/nft-gas-usage-shows-downward-trend-signals-shift-in-landscape\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NFT gas usage shows downward trend, signals shift in landscape - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Ethereum gas consumption by\u00a0nonfungible tokens (NFTs) has\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/nft-gas-usage-shows-downward-trend-signals-shift-in-landscape\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-03T13:40:42+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/08\/NFT-gas-usage-shows-downward-trend-signals-shift-in-landscape.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/nft-gas-usage-shows-downward-trend-signals-shift-in-landscape\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/nft-gas-usage-shows-downward-trend-signals-shift-in-landscape\/\",\"name\":\"NFT gas usage shows downward trend, signals shift in landscape - Pre Coin News\",\"isPartOf\":{\"@id\":\"https:\/\/precoinnews.com\/#website\"},\"datePublished\":\"2023-08-03T13:40:42+00:00\",\"dateModified\":\"2023-08-03T13:40:42+00:00\",\"author\":{\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/precoinnews.com\/crypto\/nft-gas-usage-shows-downward-trend-signals-shift-in-landscape\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/precoinnews.com\/crypto\/nft-gas-usage-shows-downward-trend-signals-shift-in-landscape\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/nft-gas-usage-shows-downward-trend-signals-shift-in-landscape\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/precoinnews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Crypto\",\"item\":\"https:\/\/precoinnews.com\/category\/crypto\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"NFT gas usage shows downward trend, signals shift in landscape\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/precoinnews.com\/#website\",\"url\":\"https:\/\/precoinnews.com\/\",\"name\":\"Pre Coin News\",\"description\":\"precoinnews.com\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/precoinnews.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\",\"name\":\"mediabest\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"caption\":\"mediabest\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"NFT gas usage shows downward trend, signals shift in landscape - Pre Coin News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/precoinnews.com\/crypto\/nft-gas-usage-shows-downward-trend-signals-shift-in-landscape\/","og_locale":"en_US","og_type":"article","og_title":"NFT gas usage shows downward trend, signals shift in landscape - Pre Coin News","og_description":"Ethereum gas consumption by\u00a0nonfungible tokens (NFTs) has","og_url":"https:\/\/precoinnews.com\/crypto\/nft-gas-usage-shows-downward-trend-signals-shift-in-landscape\/","og_site_name":"Pre Coin News","article_published_time":"2023-08-03T13:40:42+00:00","author":"mediabest","twitter_card":"summary_large_image","twitter_image":"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/08\/NFT-gas-usage-shows-downward-trend-signals-shift-in-landscape.jpg","twitter_misc":{"Written by":"mediabest","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/precoinnews.com\/crypto\/nft-gas-usage-shows-downward-trend-signals-shift-in-landscape\/","url":"https:\/\/precoinnews.com\/crypto\/nft-gas-usage-shows-downward-trend-signals-shift-in-landscape\/","name":"NFT gas usage shows downward trend, signals shift in landscape - Pre Coin News","isPartOf":{"@id":"https:\/\/precoinnews.com\/#website"},"datePublished":"2023-08-03T13:40:42+00:00","dateModified":"2023-08-03T13:40:42+00:00","author":{"@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a"},"breadcrumb":{"@id":"https:\/\/precoinnews.com\/crypto\/nft-gas-usage-shows-downward-trend-signals-shift-in-landscape\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/precoinnews.com\/crypto\/nft-gas-usage-shows-downward-trend-signals-shift-in-landscape\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/precoinnews.com\/crypto\/nft-gas-usage-shows-downward-trend-signals-shift-in-landscape\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/precoinnews.com\/"},{"@type":"ListItem","position":2,"name":"Crypto","item":"https:\/\/precoinnews.com\/category\/crypto\/"},{"@type":"ListItem","position":3,"name":"NFT gas usage shows downward trend, signals shift in landscape"}]},{"@type":"WebSite","@id":"https:\/\/precoinnews.com\/#website","url":"https:\/\/precoinnews.com\/","name":"Pre Coin News","description":"precoinnews.com","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/precoinnews.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a","name":"mediabest","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","caption":"mediabest"}}]}},"_links":{"self":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/179490"}],"collection":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/comments?post=179490"}],"version-history":[{"count":0,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/179490\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media\/179489"}],"wp:attachment":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media?parent=179490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/categories?post=179490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/tags?post=179490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}