Onchain
Highlights

DEFINITION:

The
relative
amount
(share)
of
gas
consumed
by
the
Ethereum
network
by
transactions
interacting
with
non-fungible
tokens.
This
category
includes
token
contract
standards
(ERC721,
ERC1155)
and
NFT
marketplaces
(OpenSea,
Blur,
LooksRare,
Rarible,
SuperRare)
for
trading
those.

Ethereum’s
gas
usage
by
NFTs
has
exhibited

significant
shifts
over
the
past
few
years,
mainly
as
different
platforms
have
gained
and
lost
prominence.
Recent
data
indicates
that
Blur
and
OpenSea
have
consistently
dominated
gas
consumption
since
early
2024.

 

This
reflects
the
increasing
activity
on
these
platforms
as
traders
and
collectors
continue
to
engage
in
the
NFT
market.
In
contrast,
platforms
like
Rarible
and
SuperRare
show
relatively
lower
gas
usage,
highlighting
their
smaller
user
bases
or
less
frequent
transactions.

Historically,
significant
spikes
in
gas
usage
by
NFT
transactions
correlate
with
broader
trends
in
Ethereum’s
price
movements.
For
instance,
the
surge
in
early
2021
coincided
with
a
considerable
bull
run
in
the
crypto
market,
driving
more
transactions
and
higher
gas
fees.
As
Ethereum’s
price
stabilized
in
mid-2023,
NFT-related
gas
usage
also
normalized,
illustrating
the
interconnectedness
of
these
metrics.

The
current
landscape
suggests
that
while
new
NFT
marketplaces
emerge,
established
platforms
like
Blur
and
OpenSea
maintain
relative
dominance,
continually
influencing
Ethereum’s
overall
gas
consumption
patterns.
This
dynamic
plays
a
crucial
role
in
understanding
the
operational
costs
and
transaction
efficiency
of
the
Ethereum
network.

While
relative
usage
may
be
compatible
with
past
cycles,
overall
NFT
gas
usage
has
plummeted
since
January
2023
as
a
percentage
of
overall
network
activity.
At
its
peak,
gas
usage
broke
40%,
with
a
consistent
level
above
30%.
Current
levels
are
below
4%,
partly
due
to
the
increasing

 

popularity
of
layer-2s
like
Base
and
side
chains
like
Polygon
and
an
overall

downtrend
in
the
NFT
market.