OpenSea’s Ethereum gas usage has declined to almost zero

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CryptoSlate’s analy­sis of gas con­sump­tion on the Ethereum (ETH) net­work based on trans­ac­tions inter­act­ing with non-fun­gi­ble tokens con­tracts showed that OpenSea’s gas usage has declined to almost zero.

The analy­sis includ­ed token con­tract stan­dards (ERC721 and ERC1155) and oth­er NFT mar­ket­places like Look­sRare, Rari­ble, and SuperRare.

Ethereum NFT Gas Usage
Source: Glasnode

Accord­ing to the above chart, over­all gas fees in trans­ac­tions relat­ed to NFTs peaked between Octo­ber 2021 and Jan­u­ary 2022. Dur­ing this peri­od, OpenSea account­ed for rough­ly 20% of NFT gas con­sump­tion on Ethereum.

The largest NFT mar­ket­place was still able to main­tain its dom­i­nance in gas con­sump­tion until July, when it began to decline rapid­ly –this coin­cid­ed with when the bear mar­ket was neg­a­tive­ly impact­ing NFT sales.

OpenSea’s Ethereum NFTs trad­ing vol­ume has declined for five con­sec­u­tive months, accord­ing to dune ana­lyt­ics data.

Layer2 networks’ gas consumption crosses $100 billion

Mean­while, Ethereum layer2 net­works spent over $100 bil­lion in gas fees to val­i­date trans­ac­tions and oper­ate their bridges on the main­net in Novem­ber, accord­ing to data shared by Pao­lo Rebuffo.

This rep­re­sent­ed an over 100% growth from the start of the year when the gas fees was $33.2 billion.

Accord­ing to the data, Opti­mism was respon­si­ble for almost 50% of the gas fees, while Arbi­trum took 30% of the fees. Oth­er net­works like dYdX, Loopring, and Stark­ware account­ed for the rest.

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