NFT Evening NFT Evening
    Facebook Twitter Instagram Reddit
    NFT Evening NFT Evening
    • News
      • Collectibles
      • Crypto Art
      • Blockchain games
      • Metaverse
      • Music
      • Interviews
    • Guides
      • Top NFT Projects
      • Top Blockchain Games
      • NFT Marketplaces and Tools
    • Learn here!
      • What is an NFT?
      • How to keep your NFTs safe
      • NFT Glossary
    • NFT Calendar
      • NFT Drops
      • NFT Conferences
    NFT Evening NFT Evening
    News

    Home » News » NFT Event ‘The Sevens’ Skyrockets Ethereum Gas Fees By 300%

    NFT Event ‘The Sevens’ Skyrockets Ethereum Gas Fees By 300%

    By AdeleSeptember 9, 2021Updated:September 21, 20223 Mins Read
    Contents hide
    Ethereum gas fees skyrocket this September (again)
    The marketwide collapse that surged ETH fees
    How The Sevens’ NFT sale broke gas fees on September 8
    Higher gas fees, alternative solutions

    On September 7th, the Ethereum average gas fees surged by a shocking 300%, shaking the crypto community. This is the highest point recorded since last spring and it’s likely caused by the NFT presale event ‘The Sevens.’

    Picture of a digital Ethereum coin with the Ethereum logo
    Ethereum fees have skyrocketed by 300% for the first time since May after the marketwide collapse recorded on September 7th. Credits: Pexels

     Ethereum gas fees skyrocket this September (again)

    This year has probably been the most difficult one for the NFT community in terms of gas fees. After the Ethereum gas fees had skyrocketed in May this year, they have increased by 300% in a matter of hours yesterday (September 8).

    More precisely, the average ETH fee was $21.29. The annual average gas fee chart below shows just how much this surge means compared to previous quarters:

    Screenshot of a chart showing Ethereum Gas Fee costs for 2021
    Credits: YCharts

    The marketwide collapse that surged ETH fees

    Obviously, the main cause behind Ethereum’s recent gas fee spike is the marketwide collapse recorded on September 7th.

    In fact, recent reports show that there was over $2.5 billion worth of positions completely wiped off within hours. As a result, Ethereum has instantly depreciated to about $3K, while Bitcoin dipped lower than $43K.

    Like any other event of this kind, the sudden collapse convinced many sellers to start trading. Exchanges such as Uniswap became incredibly crowded as collectors were trying to make some profit out of their assets in a massive panic sale.

    Obviously, the more transactions people are making, the faster the gas fees go up – the reason for this Spetember fee hike. Actually, many collectors have turned to lower-fee alternatives like Polygon.

    However, there’s one more thing that may have led to this September gas fee surge: ‘The Sevens.’

    Screenshot from the NFT collectibles The Seven via NFT Project List
    ‘The Seven’ NFT collection launch has skyrocketed ETH fees on September 7th. Credits: NFT Project List

     

    How The Sevens’ NFT sale broke gas fees on September 8

    On September 4th, the unique NFT collectibles group The Sevens has officially started the pre-sale event as part of its NFT collection launch. The presale ended on September 7th at 12 pm – the same date when the public-sale event had begun.

    Since many collectors were eager to get their own NFT, the group limited the NFTs minted per transaction. To be exact, users could only purchase a single NFT during the first 7 minutes of the public sale. Then, the maximum mint allowed per transaction was 7 NFTs.

    Even so, the event was incredibly successful, skyrocketing the overall number of transactions for the day. However, they didn’t expect to make such an impression on the ETH gas fees this September.

    Higher gas fees, alternative solutions

    Although the 300% surge recorded yesterday doesn’t happen on a regular basis, Ethereum gas prices are definitely now higher than ever. Mainly, network activity influences the gas fee.

    Apparently, weekdays mornings (in the US) are the best time time to find low gas prices. Meanwhile, the busiest days for the network are Tuesday and Thursday. Obviously, these days also have the highest gas fees.

    However, recent events proved that high gas prices are still unavoidable to some extent. This inconvenience has already skyrocketed the popularity of many accessible alternatives, such as Polygon and Cardano.

    Join Our New "To The Moon" daily Newsletter

    Get our free, 5 minutes daily newsletter. Join 25,000+ NFT enthusiasts & stay on top 👊🌚

    Thank you!

    You have successfully joined our subscriber list.

    .

     


    All investment/financial opinions expressed by NFTevening.com are not recommendations.

    This article is educational material.

    As always, make your own research prior to making any kind of investment.

    Previous ArticleAlgorand Welcomes Pablo Fraile’s New NFT Marketplace ‘Aorist’
    Next Article Space Misfits Transfers BITS Game Currency Into Crypto Asset
    Adele

    Adele Ioana is a writer with a deep interest in digital visual arts. Between covering two news stories, she enjoys drawing portraits and studying photo manipulation.

    More great NFT Evening content:

    Live The Metaverse “Inception” With Anarchy Arcade’s Portal

    February 9, 2023

    Earn Royalties from Hit Rihanna Song With Deputy NFTs

    February 8, 2023

    Polygon Outperforms Ethereum NFTs on OpenSea for the Second Month

    February 7, 2023

    Jack Butcher’s Checks NFT Collection Overtakes BAYC Trading Volume

    February 7, 2023

    Yuga Labs Settles Court Case with Ryder Ripps BAYC NFT Collection

    February 7, 2023

    Japan Leads The Way in NFTs And DAOs With PM’s Support

    February 7, 2023

    JokerClub by Partouche Verse x Porsche

    February 7, 2023

    BAYC Dookey Dash Sewer Pass Claim Ends Tomorrow!

    February 7, 2023
    Latest NFT News

    Live The Metaverse “Inception” With Anarchy Arcade’s Portal

    February 9, 2023

    NFT Market Recovers: CryptoPunk Sells For Almost $1.5 Million

    February 8, 2023

    Earn Royalties from Hit Rihanna Song With Deputy NFTs

    February 8, 2023

    Polygon Outperforms Ethereum NFTs on OpenSea for the Second Month

    February 7, 2023

    Jack Butcher’s Checks NFT Collection Overtakes BAYC Trading Volume

    February 7, 2023

    Yuga Labs Settles Court Case with Ryder Ripps BAYC NFT Collection

    February 7, 2023

    Japan Leads The Way in NFTs And DAOs With PM’s Support

    February 7, 2023

    JokerClub by Partouche Verse x Porsche

    February 7, 2023
    Get The FREE Exclusive Report
    CLICK HERE

    NFTevening is the biggest website for NFT news. We cover; breaking news, upcoming mints, plus, interviews with top NFT artists and projects. Put simply, we are the best place for new and experienced non-fungible token fans — making content fun & accessible

    Privacy policy
    Terms and conditions

    Article Categories
    • Blockchain games
    • Collectibles
    • Crypto Art
    • Guides
    • Interviews
    • Metaverse
    • Music
    • News
    • NFT Marketplaces and Tools
    • Sponsored Content
    • Top Blockchain Games
    • Top NFT Projects
    NFT Calendar
    • Today’s NFT Drops
    • Upcoming NFT Drops
    • Solana NFT Drops
    • NFT Calendar
    • NFT Calendar : Add Your NFT Event
    Get In Touch
    • Advertise (Media Kit)
    • Collaboration and Press Releases
    • Job Opportunities
    • About Us
    • Contact Us
    NFT Beginners Guides
    • How to Sell NFT Art
    • How to Create NFT Art
    • How to Display NFT Art
    • How To Make Passive Income With NFTs
    • Best Crypto Wallet
    • Best NFT Coins
    • Best NFT Rarity Tools
    • What is a DAO ?
    • What Are Crypto Gas Fees ?

    Type above and press Enter to search. Press Esc to cancel.