Ethereum Improvement Proposal 1559 (EIP-1559) is commonly referred to as the London Fork. This EIP serves to split Ethereum transaction fees into base fees and tips while simultaneously burying the used fees to help reduce Ethereum (ETH) inflation. The Ethereum London hard fork (EIP-1559) went into effect in August 2021 and resulted in reduced transaction costs and general improvement of Ethereum’s user experience.
NFT Term
EIP-1559
Definition of EIP-1559 from the NFTguild.com glossary.
