The surge in cryptocurrency market prices has led to a sharp increase in Ethereum Gas fees. In the past 24 hours, Ethereum Gas fees have exceeded 174 gwei, which means that the average cost of completing an NFT transaction on Ethereum has exceeded $372.29. This means that users must pay hundreds of dollars even to exchange personal profile pictures (PFP) for free among friends. Additionally, the cost of exchanging tokens on Ethereum is almost $220, which could offset the potential profits from converting tokens.
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Affected by the surge in gas fees, the average cost of NFT transactions once approached $400.
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