04/08/2023 NFT gas usage shows downward trend, signals shift in landscape

Despite a surge in Ether gas prices in May, NFT marketplaces only accounted for 3% of the entire Ethereum gas consumption.

NFT gas usage shows downward trend, signals shift in landscape

Despite a surge in Ether gas prices in May, NFT marketplaces only accounted for 3% of the entire Ethereum gas consumption.

Ethereum gas consumption bynonfungible 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.

CryptoPunk sells for 4,000 ETH ($12.41 million), sixth-most expensive ever
Are NFTs Still Viable Investments In 2024?
Crypto Millionaire Says Heā€™s Giving Away 1,000,000 Dogecoin (DOGE) Today ā€“ Hereā€™s Why

Data shared by the on-chain analytics platform Glassnodeshowsthat 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.

Etherscanā€™s top 10 contracts or accounts consuming gas on Aug. 4, 2021. Source: The Wayback Machine

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.

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 gas prices at the time and sparkedtheories that NFTs were only a ā€œproduct of excess liquidityā€ due to money printing during the pandemic.

Gone were the days of NFTs topping the Ethereum gas-consuming charts. This week, of the top 20 gas consumers, OpenSea and Blur accounted for less than 10% combined.

And against all gas consumers, the NFT marketplaces were just over 3%. Uniswap in contrast was 10x more - 31.99%.pic.twitter.com/4NUF6Yb3eX

ā€” Nansen (@nansen_ai)May 19, 2023

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.

In addition, OpenSea and Axie Infinity ā€” projects that once topped the charts in Etherscanā€™s top gas users ā€” arenowhere 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 Etherscanā€™s top 30 spot for gas consumers at the time of writing.

Arts

https://cointelegraph.com/news/nft-gas-usage-shows-downward-trend-signals-shift-in-landscape

Interesting NFTs
Rogue Society Bots #10097
Rogue Society Bot is a collection of 15,777 unique Rogue Bot NFTsā€” unique digital collectibles living on the Ethereum blockchain. Your Rogue Bot doubles as your Rogue Society membership card, and grants access to members-only benefits and experiences. Future perks can be unlocked by the community through roadmap activation. Visit www.roguesociety.io for more details.
X*Y=K
ļ½„悜ļ¾Ÿļ½„:.ļ½”..ļ½”.:*ļ½„'(ļ¾Ÿā–½ļ¾Ÿ)'ļ½„*:.ļ½”. .ļ½”.:*ļ½„悜ļ¾Ÿļ½„* for more info see https://tinyurl.com/56unnr39
Genesis
JosĆ© Delbo sent me his striking pencil sketch and powerful inked work, which I then interpreted in oil on canvas. I wanted to create a very painterly piece with obvious brush marks etc, but I was also aiming for a nostalgic feel, a kind of 1980ā€™s superhero comic book look, the kind I grew up with. My goal with this animation was to try to recreate, in part, the creative process that both artists went through with the visual information I had. I was able to showcase my painting process more accurately as I could take photographs of my progress throughout. Consecutive images could then be layered like brush strokes over JosĆ©ā€™s drawing to create the impression that this was one continuous artwork from pencil, to ink, to completed painting. The representation of the line sketch at the beginning, then pencil/ink and lastly the paint layers being applied demonstrate both artistsā€™ struggle for the right lines, tone, form, and colour until the work is finally completed. As the oil was still wet with each photograph the glare of my studio lights can be seen in the brush strokes. Eventually, the figure emerges and as it does, our hero comes to life, looking directly at the viewer -- but is he grimacing in approval or disgust? We will never know for sure as just before he can say anything, white paint is brushed across the canvas entirely and the process begins again. Only the bat is quick enough to escape.
Metarift
āˆ¾ 2160 x 2160 px, Video (46.5 MB)
Kitty #2384
Ciao! I'm Kitty #2384. I enjoy eating until I loathe myself, grooming, and breakdancing. I was voted most likely to work at NASA in college. I hope you like kitten around as much as I do!