NFT craze pushes Ethereum gas fees to the highest level since May

TL;DR Breakdown Ethereum gas fees have risen once more due to the increase in amount of non-fungible tokens being traded on the network.The Ethereum network has seen a huge surge in network fees ever since the NFT frenzy began this year.Almost every organization seems to build a new project involving NFTs, including the recent integration of Wombat wallet with Ethereum. Non-fungible tokens have seen a rapid adoption this year, and the NFT industry is already a billion-dollar industry. There are plenty of mainstream celebrities that have also joined the industry, releasing their NFTs this year, including The Weeknd and Katy Perry. NFTs can store an image, video, or audio in the form of a digital asset on a blockchain network. The Ethereum network has always been the favorite place for NFT-related assets, and due to the recent influx of these digital tokens, the Ethereum gas fees are seeing new highs since May. Ethereum gas fees and influx of NFTs During the month of May, when Ethereum price touched new all-time highs, and the congestion on the network reached its highest point, the Ethereum gas fees were around 22 USD. The average network fee was USD 17.45 on Tuesday, while at the start of the month, it was around 7.81 USD. The surge recorded in percentage is 123.5 percent which makes the transactions over the network quite costly. Ethereum average transaction fee surge in the month of MayChart by bitinfocharts Considering the...