{"id":301422,"date":"2023-02-21T14:35:47","date_gmt":"2023-02-21T14:35:47","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=301422"},"modified":"2023-02-21T14:35:47","modified_gmt":"2023-02-21T14:35:47","slug":"nfts-jump-to-27-of-eth-gas-usage-led-by-blur-marketplace","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/nfts-jump-to-27-of-eth-gas-usage-led-by-blur-marketplace\/","title":{"rendered":"NFTs jump to 27% of ETH gas usage led by Blur marketplace"},"content":{"rendered":"<p>A new chart looking at Ethereum gas usage by transaction type relative to a 30-day moving average shows that NFTs now make up for 27% of ETH gas usage, up from around 15% towards the end of 2022.<\/p>\n<figure id=\"attachment_301431\" aria-describedby=\"caption-attachment-301431\" style=\"width: 1800px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-301431 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/02\/Fpa_aPSWAAMfiqX.jpeg\" alt=\"Ethereum gas usage by transaction type \" width=\"1800\" height=\"1013\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/02\/Fpa_aPSWAAMfiqX.jpeg 1800w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/02\/Fpa_aPSWAAMfiqX-300x169.jpeg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/02\/Fpa_aPSWAAMfiqX-1024x576.jpeg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/02\/Fpa_aPSWAAMfiqX-768x432.jpeg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/02\/Fpa_aPSWAAMfiqX-1536x864.jpeg 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><figcaption id=\"caption-attachment-301431\" class=\"wp-caption-text\">Ethereum gas usage by transaction type (Source: Glassnode)<\/figcaption><\/figure>\n<p>In Ethereum, gas is the unit of measurement that determines the amount of work needed to execute a transaction or smart contract on the Ethereum network. The gas price is denominated in Gwei, a subunit of Ether.<\/p>\n<p>The amount of gas used in Ethereum transactions varies depending on the type of transaction. For example, simple transactions, like sending Ether from one account to another, require less gas than complex smart contract executions or multi-sig authentications.<\/p>\n<p>NFTs, or non-fungible tokens, are a type of digital asset that represents ownership of a unique item or piece of content, such as artwork or gaming collectibles. NFTs have become increasingly popular on the Ethereum network, and according to recent data, they now account for a significant portion of Ethereum's total gas usage, 27%.<\/p>\n<p>However, a new market competitor has recently upended the NFT marketplace, which analysts point to as a reason behind the recent surge in NFTs as a percentage of ETH gas usage.<\/p>\n<h2>How Blur is starting to siphon ETH gas<\/h2>\n<p>This week, Blur, a new NFT marketplace, achieved a significant milestone by surpassing OpenSea in daily NFT trading volume, and has now surpassed UniSwap and Seaport to become the leading &#8220;Gas Guzzler&#8221; on the Ethereum network.<\/p>\n<figure id=\"attachment_301435\" aria-describedby=\"caption-attachment-301435\" style=\"width: 799px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-301435 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-21-at-2.26.51-PM.png\" alt=\"Top gas users on Ethereum network \" width=\"799\" height=\"339\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-21-at-2.26.51-PM.png 799w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-21-at-2.26.51-PM-300x127.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-21-at-2.26.51-PM-768x326.png 768w\" sizes=\"(max-width: 799px) 100vw, 799px\" \/><figcaption id=\"caption-attachment-301435\" class=\"wp-caption-text\">Blur is now the top gas user (Source: Etherscan)<\/figcaption><\/figure>\n<p>On Wednesday, February 15, Blur's daily <a href=\"https:\/\/dune.com\/sealaunch\/blur-vs-opensea\">trade volume<\/a> reached 6,602 ETH, exceeding OpenSea's 5,649 ETH for the first time. This accomplishment has resulted in soaring Ethereum gas fees due to the surge in trade activity.<\/p>\n<p>According to <a href=\"https:\/\/www.crunchbase.com\/organization\/blur-d734\/company_financials\">Crunchbase<\/a>, Blur has a valuation of $1 billion, funded by Paradigm, Coinbase Ventures & E-GIRL Capital to the tune of $11 million in seed funding in its initial round in Mar. 2022.<\/p>\n<p>Blur offers its users attractive benefits such as zero trading fees, a key factor likely contributing to the increase in gas usage.<\/p>\n<p>The platform released its native token, BLUR, on February 15 and rewarded its most active users with token airdrops. The airdrop resulted in a significant surge in Blur's trading volumes, albeit an 84% <a href=\"https:\/\/cryptoslate.com\/blur-plummets-84-following-360m-token-airdrop\/\">decline<\/a> in price. The platform airdropped a total of 360 million BLUR tokens as of yesterday set an all-time high for its own trading volume of $1.59 billion.<\/p>\n<p>According to DappRadar, Blur has surpassed OpenSea in both 7-day ($435.24 million) and 30-day trading volume ($711.83 million).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new chart looking at Ethereum gas usage by transaction type relative to a 30-day moving average shows that NFTs now make up for 27% of ETH gas usage, up from around 15% towards the end of 2022. In Ethereum, gas is the unit of measurement that determines the amount of work needed to execute [&hellip;]<\/p>\n","protected":false},"author":1406,"featured_media":301463,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,76232],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NFTs jump to 27% of ETH gas usage led by Blur marketplace<\/title>\n<meta name=\"description\" content=\"The news comes as Blur and OpenSea continue to duke it out over supremacy in the NFT space, with Blur also overtaking OpenSea in volume.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/nfts-jump-to-27-of-eth-gas-usage-led-by-blur-marketplace\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NFTs jump to 27% of ETH gas usage led by Blur marketplace\" \/>\n<meta property=\"og:description\" content=\"The news comes as Blur and OpenSea continue to duke it out over supremacy in the NFT space, with Blur also overtaking OpenSea in volume.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/nfts-jump-to-27-of-eth-gas-usage-led-by-blur-marketplace\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-21T14:35:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/02\/nft-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dorian Batycka\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dorian Batycka\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/nfts-jump-to-27-of-eth-gas-usage-led-by-blur-marketplace\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/nfts-jump-to-27-of-eth-gas-usage-led-by-blur-marketplace\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/dorian-batycka\/#person\",\"name\":\"Dorian Batycka\",\"url\":\"https:\/\/cryptoslate.com\/author\/dorian-batycka\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/dorian-batycka\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/dorian-batycka\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/01\/dorian-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/01\/dorian-author-300x300.jpg\",\"caption\":\"Dorian Batycka\"},\"jobTitle\":\"Contributor\",\"description\":\"Dorian Batycka is a journalist interested in art and technology. 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