Thursday, September 23, 2021
HomeNewsMassive coinage burns $ 4 million in ether in 5 hours

Massive coinage burns $ 4 million in ether in 5 hours




Lately there has been a real craze around non-fungible tokens (NFT) with animal motifs. One in particular has become the top burner of Ethereum transaction fees in the past 24 hours.

CyberKongz started as a collection of 1000 unique NFTs in early March 2021 and has recently become extremely popular. The popularity has grown so much that the token burned the largest amount of Ethereum fees on the NFT marketplace OpenSea and the most popular decentralized exchange, Uniswap.

This was reported by the Chinese blockchain news platform Wu Blockchain, where it was said that he burned 1,240 ethers (ETH) or about 4 million US dollars in just 5 hours.

The massive minting of this token has caused gas charges to skyrocket. A transaction costs around $ 25, the highest level since late May. Etherscan’s gas tracker shows that more complex operations such as smart contract interactions cost over $ 40.

At press time, Ultrasound.money’s ETH burn tracker indicated that CyberKongz VX had burned 1,430 ETH, or $ 4.7 million, in the past 24 hours. That still outbid OpenSea and Uniswap. In fact, the project burned even more than the two of them put together.




According to OpenSea, there are now 3,000 NFTs in the monkey-themed collection. Plus over 600 owners and a minimum price of 1.27 ETH. That’s about $ 4,150 right now. The most expensive NFT, which is also the first in the collection, was offered for 10,000 ETGH, or $ 33 million.

According to the official website of the NFT collection, the CyberKongz images, which are 34 × 34 pixels in size, have become a lot more popular as they are suitable as profile pictures on Disk Location and on social networks. A banana token was also created, giving the original CyberKongz the ability to passively generate ten tokens per day for the next ten years.

In this context: Are NFTs used for money laundering? Mr. Whale says: Yes they will

Minting began on Sunday at 19:00 UTC. Up to 10,000 CyberKong NFTs could be embossed, including some in 3D, which can be used in Metaversum.

The newly minted CyberKOngz are sold on OpenSea on the secondary market. The exchange accounts for nearly 16 percent of all gas charges on the network. It has generated $ 2.7 million in fees in the past four and 20 hours.


Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending News

Recent Comments