The Collection of Vitalik Buterin-themed NFT Produces a Short Increase in Ethereum Gas Fees

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Last Updated on December 3, 2023 by Bitfinsider

On Friday, the blockchain’s top gas guzzler was a Vitalik Buterin-themed NFT collection that saves image data directly on Ethereum, causing a temporary increase in Gwei.

According to the Ethereum blockchain explorer Etherscan, the project, dubbed Buterin Cards, has taken up 13.1% of total gas units in the previous three hours as of 3:00 p.m. ET, ranking it above the Uniswap global router address and Tether’s public address. Over the last 24 hours, the collection triggered transaction fees totaling 318.31 ETH, worth $665,670.

Following the increase, gas usage has since fallen behind Uniswap.

Buterin Cards wants to upload 2,015 NFTs honoring Vitalik Buterin, co-founder of the Ethereum network. The project employs a JPEG mining NFT minting technique, which keeps picture data on-chain as opposed to a standard NFT, which just stores information on-chain.

“In order to prevent miners from uploading arbitrary data, the smart contract verifies the correctness of the data by computing its hash.” “The NFT image is gradually revealed as it is mined thanks to progressive JPEG technology,” according to the project’s website.

“In return for their work, miners receive a card featuring an image of Vitalik Buterin at varying quality levels,” according to the report.

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