CyberKongz’ mass monkey minting burns $4M in Ether in 5 hours
CyberKongz' mass monkey minting burns $4M in Ether in 5 hours
The NFT monkey-minting frenzy has caused gas prices to skyrocket again.
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The latest craze in creature-themed nonfungible tokens (NFT) has been such a big hit that information technology has become the meridian burner of Ethereum transaction fees over the by 24 hours.
CyberKongz, which started as a collection of one,000 unique NFTs in early March 2022, has surged in popularity recently. Then much so that it has today usurped NFT marketplace OpenSea and the world's nigh pop decentralized commutation, Uniswap, in terms of Ethereum fee burning.
The achievement was noted by the Chinese blockchain outlet Wu Blockchain, which reported that information technology had burned 1,240 in Ether (ETH), or effectually $4 million in just five hours.
The NFT project CyberKongz VX has burned more than 1,240 ETH in 5h, ranking outset in the burning list. movie.twitter.com/5ZCfZmqcU2
— Wu Blockchain (@WuBlockchain) August sixteen, 2022
The mass monkey minting has caused gas prices to skyrocket, with average transactions reaching their highest level since tardily May at around $25. Etherscan's gas tracker is reporting higher prices of over $twoscore for more complex operations such as smart contract interactions.
At the fourth dimension of writing, ETH fee burning tracker Ultrasound.money was reporting that CyberKongz VX had been responsible for the burning of one,430 ETH, or $four.7 one thousand thousand, over the past 24 hours. It was still ahead of both OpenSea and Uniswap — in fact, it burned more than than both of them combined.
According to OpenSea, there are now 3,000 NFTs in the ape-themed collection with more than 600 owners and a floor price of i.27 ETH — approximately $4,150. The most expensive one, the first in the collection, was being offered for a whopping x,000 ETH, or $33 million.
According to the official website for the NFT drove, the 34x34 pixel CyberKongz images achieved smashing popularity due to their suitability as profile pictures on Discord and social media. A banana token has also been created, giving genesis CyberKongz the ability to passively generate 10 tokens per day for the next 10 years.
Related: Are NFTs beingness used for money laundering? Yep, they are, claims Mr. Whale
The minting event went alive on Sunday at 19:00 UTC. Upwardly to 10,000 CyberKong NFTs are available to mint, including 3D ones that can be used in a metaverse.
— CyberKongz (@CyberKongz) August 15, 2022THAT WAS SO FAST!⚡️
Big thanks to everyone who got CyberKongz VX!♥️
At that place were some hickups right afterwards the mint just nosotros got it all worked out!
If yous desire to buy CyberKongz VX on secondary market place, please make sure you buy from the right collection:https://t.co/yuvSDKClCV
OpenSea, where the newly minted CyberKongz are now selling on the secondary market, is responsible for most 16% of all gas used on the network. It has generated $ii.vii million in fees over the by 24 hours.
Source: https://cointelegraph.com/news/cyberkongz-mass-monkey-minting-burns-4m-in-ether-in-5-hours
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