My Experience with NFT’s
melindawyers.comWebsite appears down. Here's the archive link:
https://web.archive.org/web/20210321232118/https://melindawy...
Yep I just rebooted it, too many hits at once, if it goes down again I'll upgrade the server lol
Unfortunately, current high gas prices make anything less than large defi transactions not worth it. Just transferring some ERC20 tokens cost like 15-20$, etc.
EIP 1559 was supposed to make it more predictable, but with the eth2 speed-up to counter miners, I'm not sure if it's still on the table.
Once the gas fees are solved, I suspect the adoption for defi/NFTs/etc on eth will go through the roof.
My impression was that current unusually high interesting in NFT caused gas prices to spike. When I was playing with it for work reasons ( compliance ), it was around $50 for attempting to put my creations up for a bid ( I just checked today, gas fee is $103 ).
I find the whole thing fascinating, but, as I may have mentioned before, I see it as a very elaborate MLM type scam.
Majority of gas price spike comes from uniswap. Opensea which like one of the biggest nft marketplace is only responsible for 2% of the gas fees.
You can see the gas guzzlers at https://etherscan.io/gastracker.
I shouldn't be amazed but I am at the sheer level of transparency. It is one thing to know this in theory, but quite another to see it displayed in practice. Love it. thank you for sharing.