A new method called BlobScriptions has been introduced, allowing users to inscribe various data directly onto "blobs" within the Ethereum blockchain. These blobs were introduced during the Dencun upgrade on March 13. Following the introduction of BlobScriptions, gas fees for Blobs increased significantly, reaching as high as 585 gwei. This surge in fees was a stark difference from the previously low average gas price of around one wei.
Despite the initial spike, Blob fees have since dropped to 35.8 gwei, equivalent to $1.20. Over 4,500 inscriptions have been made on blobs since BlobScriptions were introduced. Ethscriptions founder Middlemarch has highlighted the rising cost of "blobspace" and has encouraged users to utilize the official blobscription protocol.
Similar to Bitcoin Ordinals, Ethereum users have been minting small pieces of text and random images to blobs. The data stored on blobs is temporary on Ethereum nodes, lasting around 18 days. However, the Ethscriptions indexer will retain the data indefinitely.
The introduction of blobs came with the Ethereum Dencun upgrade, aimed at reducing transaction costs on layer-2 networks. With this upgrade, transaction fees on Ethereum L2s have decreased significantly. One developer even managed to upload the entire script of the Bee Movie on an Ethereum blob shortly after the upgrade went live for under $13 in ETH gas fees.
