As Bitcoin-related NFTs, known as Ordinals, revive, Bitcoin fees surge to levels not seen since the meme coin craze last May.
BitInfoCharts data shows that the average transaction fee using the Bitcoin blockchain today is $6.84, an increase of approximately 970% from the low of $0.64 hit in August.
Digital asset management firm 21Shares noted in a report on Wednesday that the surge was driven by an increase in the minting of Ordinals, with nearly 1.9 million Ordinals uploaded to the blockchain in the past two weeks.