Ethereum Gas Fees Surge as Vitalik Buterin NFTs Gain Popularity
Transactions linked to the Buterin Cards NFT collection have caused a significant increase in gas fees on the Ethereum network. In the past 24 hours, these transactions have resulted in fees totaling 318.31 ETH, equivalent to $665,670.
About the Buterin Cards NFTs
A new non-fungible token (NFT) project called Buterin Cards has accounted for over 13% of the total Ethereum network gas fees within three hours. This surpasses fees from other popular addresses such as Uniswap and Tether. The surge in fees is a direct result of the high demand for processing transactions associated with the Buterin Cards NFT collection.
The Buterin Cards project aims to release 2,015 NFTs as a tribute to Vitalik Buterin, the co-founder of Ethereum. The project stands out by utilizing a unique NFT minting process called JPEG mining, which stores image data on-chain instead of just metadata. The project ensures data integrity by verifying correctness through computing its hash. Miners who contribute to the project are rewarded with a card featuring an image of Vitalik Buterin at various quality levels.
Recent Developments in Ethereum
Ethereum has undergone significant developments, including the transition to a proof-of-stake (PoS) consensus mechanism known as Ethereum 2.0. This shift has led to a remarkable 99.9% reduction in Ethereum’s energy consumption. The Ethereum 2.0 upgrade aims to enhance scalability and security through phases like the Beacon Chain, the Merge, and Shard Chains. These adjustments address Ethereum’s limitations and have contributed to the recent rebound in Ethereum’s price, which has surpassed $2,000 and approached new 52-week highs.
Ethereum gas fees have also experienced fluctuations, reaching their lowest levels since November 2022. Factors such as network congestion, Ethereum upgrades, and market speculation influence these changes. The primary goal of these upgrades is to enhance scalability and decrease fees, even though their immediate effects may not be evident.