According to blockchain researcher Etherscan, a transaction with a record gas fee of 22.5 ETH surfaced yesterday when someone tried to get TIME magazine’s NFT. The maximum gas charge has reached 15,000 Gwei.

The recently introduced Time magazine consists of previously released TIME covers in the past. The collection is called TIMEPieces and is designed to “build a better future”. From September 23rd, collectors could get a random TIMEPiece. The total number of NFTs is 4676. Each piece of NFT is valued at 0.1 ETH.

Transaction price

Prospective owners of the NFT TIME collection will be able to participate in various events and have access to a variety of “exclusive digital experiences”.

According to TIME, their recently unveiled collection is part of their goal of rewarding community loyalty and rewards. TIMEPieces is one of the first NFT collections presented by major media. TIME said their collection is also featured as part of an innovative expansion of their current digital subscriptions.

At the time of publication, there are 1,934 owners of the collection, which means that TIME has already raised about $ 600,000 in just one day. After reaching a new high, gas tariffs have returned to average and are currently 55 Gwei. The ERC-20 transfer costs approximately $ 11.

In the past, the NFT industry has experienced a slight recovery after losing a significant portion of its sales, most likely a consequence of a significant increase in transaction fees, reaching $ 50 per transaction during periods of high network congestion. SOURCE ethereum gas – Bing News

By block head

Block Head is a blockchain journalist.