Who here has tried to buy an NFT through $ETH.X and found the gas fees to be ludicrously high?

The underlying commodity that powers cryptocurrency is called blockspace. In the blockspace market, miners are the producers, mining pools are the auctioneers, and users are the bidders.

Users want to minimize the fees paid to miners to enjoy a smooth experience, whereas miners want to maximize their revenue since they are for-profit entities. Demand has outstripped supply = ETH price spike.