A very meaningful answer to this question is given by Aninda Dutta-
“Myelinated nerves can fire between 300 to 1000 times per second in the human body and transmit information at 200 miles per hour. What matters here is how frequently these nerves can fire (or “send messages”). The nerves in your eye are not exempt from this limit. Your eyes can physiologically transmit data that quickly and your eyes/brain working together can interpret up to 1000 frames per second. However, we know from experimenting (as well as simple anecdotal experience) that there is a diminishing return in what frames per second people are able to identify. Although the human eye and brain can interpret up to 1000 frames per second, someone sitting in a chair and actively guessing at how high a framerate is can, on average, interpet up to about 150 frames per second.”
We can also confirm that Human Eyes has a high Frame Rate by Reading this study on USAF pilots:
The USAF, in testing their pilots for visual response time, used a simple test to see if the pilots could distinguish small changes in light. In their experiment a picture of an aircraft was flashed on a screen in a dark room at 1/220th of a second. Pilots were consistently able to “see” the afterimage as well as identify the aircraft. This simple and specific situation not only proves the ability to percieve 1 image within 1/220 of a second, but the ability to interpret higher FPS.
Additional Information About Human Eyes Below:
50 frames per second is the flicker-fusion rate — the frame rate at which the flashing of interrupted frames disappears and the image looks solid and continuous. This is why 50 Hz monitors look pretty good.
In the case of movies shown in movie theaters, if they actually showed at 24 fps, you would see the flicker pretty badly (the screen goes black while the projector advances the frame). Movie projectors, however, have a “light interrupter” that adds an extra flicker to each frame: the frame is shown once, then black, then the same frame again, and then black again while the frame advances. This takes a 24 fps film and shows it as 48 image flashes, which is why you don’t see the light flicker in a movie theater.
70 fps starts to get to the point where you really could not see any frame change or flicker at all, even out of the corner of your eye (the periphery is more flicker-sensitive than the center of the eye).
The retina, however, is analog — the brain does not process vision as “frames”. So it is possible that even higher frame rates could change visual perception in certain circumstances and humans can even see and distinguish between frame rates as high as 150 frames on an average.