Current gas usage for NFTs on Ethereum is roughly 20%, a new low for 2023 but just above the low of 16% in November. This is partly due to the growth of Inscriptions and Ordinals in the Bitcoin ecosystem, which we expect to continue as a long-term trend. DeFi is also at two-year lows, using less than 8% of the current gas usage. Inscriptions are one of the main stories for 2023, which has surpassed 350,000 inscriptions year-to-date.
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Ethereum’s NFT Gas Usage Heads Towards a Two-Year Low As Inscription Demand Takes Over
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