NFTs became a hot topic in 2021, as many celebrities and brands from Paris Hilton to McDonald’s entered the crypto art market. The NFT boom contributed to the skyrocketing fees on the Ethereum blockchain that nearly reached $50 per transaction in October 2021.
Analysts suggest several factors may be responsible for the decrease in gas prices. Some NFT artists moved from Ethereum to competing chains such as Solana or Avalanche, which offer lower fees and faster performance. Moreover, Ethereum entered the bear market in November, and lower ETH prices naturally translated into lower transaction costs.