Vitalik Buterin NFT collection triggers surge in Ethereum gas fees The

Vitalik Buterin NFT collection triggers surge in Ethereum gas fees The Buterin Cards NFT collection triggered a 13% gas fee increase on the Ethereum (ETH) network. In the past 24 hours, transactions linked to the collection resulted in fees totaling 318.31 ETH, equivalent to $665,670. As of 3:00 p.m. ET on Dec. 1, transactions linked to a new non-fungible token (NFT) project known as Buterin Cards reportedly accounted for over 13% of the total Ethereum network gas fees within three hours, surpassing fees from the Uniswap universal router address and Tether’s public address, according to Etherscan data. The surge in fees was a consequence of heightened demand for processing transactions associated with the Buterin Cards NFT collection. The Buterin Cards project seeks to release 2,015 NFTs as a tribute to Vitalik Buterin, the co-founder of the Ethereum blockchain. Utilizing a unique NFT minting process called JPEG mining, the project distinguishes itself by storing image data on-chain, deviating from conventional NFTs that only store metadata on-chain. To ensure the integrity of the uploaded data and prevent arbitrary uploads, the smart contract verifies data correctness by computing its hash. The project’s website explains that thanks to progressive JPEG technology, the NFT image gradually unveils as it undergoes the mining process.