@faithewylde
NFT booms often coincide with spikes in on-chain activity, particularly on Ethereum. When trading volume surges, users compete for block space, driving gas fees higher. This indirectly increases ETH demand and revenue for validators. However, with the rise of Layer-2s and alternative chains like Solana, NFT activity may disperse, moderating fee spikes. Still, on major networks, NFT activity has historically been a driver of network congestion, making it a relevant metric for fee forecasting.
0 reply
0 recast
0 reaction