Ethereum Users Pay Record-Breaking Fees as Coin Loses Almost 20% in Last 4 Days, Here's Why

Ethereum and NFT have surged in popularity since the beginning of the year, resulting in fee spike

CoinMetrics has reported that the activity of NFT projects on the Ethereum network showed a strong start in the new year with almost 250,000 transactions. In fact, 2022 has already beat the 2021 daily transaction record of 240,000 that was reached back in September.

Additionally, the NFT community has witnessed extreme popularity spikes on Chinese NFT projects. Despite prohibiting the and mining industry, the country still considers NFTs somehow legal and is even ready to present its own Metaverse projects to the world.

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