Data: The median price of Ethereum gas rose to 38 gwei in February, hitting a new high in the past nine months

According to the news on February 28, the recovery of the NFT market pushed the cost of Ethereum gas to 38 gwei in February, a new high in the past nine months. The median price of Ethereum gas in the past nine months has basically remained in the range of 10-20 gwei, reaching 36 gwei only when the FTX crashed in November, and 24 gwei only when the “money security run” in December.

Interpretation of this information:

The NFT market’s recovery has had a significant impact on the Ethereum gas cost, which hit a new high of 38 gwei in February, the highest in nine months. The median price has been within 10-20 gwei for the past nine months with occasional spikes of 24 gwei during the ‘money security run’ in December and 36 gwei during the FTX crash in November.

This news brings attention to the correlation between the success of the NFT market and the increase in Ethereum gas costs. NFTs, or non-fungible tokens, are unique digital assets that are often bought and sold on blockchain networks. Ethereum is one of the most popular blockchains used for NFT transactions, and gas fees are used to pay miners for validating transactions. The recent surge in NFT sales has led to an increase in demand for Ethereum transactions, causing the gas costs to rise.

The NFT market has been experiencing a recent surge in popularity, with notable sales such as the sale of digital artwork at $69 million and the sale of a tweet by the founder of Twitter, Jack Dorsey, for $2.9 million. These high-profile transactions have led to increased interest in the market, driving up demand for Ethereum transactions and thus the gas costs.

The rise in gas costs has sparked discussion about the scalability of Ethereum and its ability to handle high volumes of transactions. While Ethereum 2.0, an upgrade that aims to improve the network’s scalability, is in progress, the current surge in NFT transactions highlights the need for more immediate solutions to manage the gas costs.

In summary, the NFT market’s recovery has led to a surge in demand for Ethereum transactions, resulting in a new high of 38 gwei in February for gas costs. The median price has been within 10-20 gwei for the past nine months, with occasional spikes during high-profile events such as the ‘money security run’ and FTX crash. The rise in gas costs brings attention to the scalability of Ethereum, with discussions about the need for immediate solutions to manage these costs.