Animal-theme NFT burns over $4 million worth ETH in 5 hours

CyberKongz VX NFT project reached the top of the burning list, with over 1240 ETH, i.e., more than $4 Million in just 5 hours as reported by the Chinese Journalist, Colin Wu on Twitter.

With the increased coining of the monkey-themed non-fungible token, the ETH burn for of Cyberkongz VX has surged. At the time of writing, Cyberkongz VX  had burnt 1432.20 ETH in the past 24 hours according to ultrasound.money.

The considerably new, animal NFT platform Cyberkongz VX is currently burning more in ETH transaction fees, than the two leading NFT platforms, OpenSea and Uniswap V2 combined. OpenSea and Uniswap have burned 921.58 ETH and 345.41 ETH, respectively in 24 hours that still fall behind in hundreds from Cyberkongz VX.

The latest minting event for Cyberkongz VX went live this Sunday, and the exceptional ETH burn has also led to an increased popularity in the nonfungible token market. Including the thousands of bidimensional NFTs, now CyberKong is also offering 3D tokens for the metaverse.

Secondary Market for CyberKong NFTs

Furthermore, CyberKongz has announced OpenSea as the most reliable secondary market that is selling newly minted CyberKongz. OpenSea has incorporated almost 16% of all gas used on the network. Additionally, the leading NFT platform has also managed to generate $2.7 million in transaction fees over the past 24 hours.

The EIP-1559 upgrade of the Ethereum London Hard-fork introduced the gas or transaction fee burn. The upgrade benefits traders by providing fasters transactions, which in turn has also led to increased traffic on the ETH blockchains. August 5th, Thursday, EIP-1559, along with four more EIPs, i.e., EIP-3198, EIP-3529, EIP-3541, and EIP-3554 went live with the Ethereum London upgrade.

The EIP-1559 upgrade’s contradicting result on miner incomes was surprising. Ethereum London hard fork upgrade led to a surge in ETH price and influenced institutional investors onto the Ethereum blockchain. This in turn led to the stabilization in mining fees, further stabilizing miners’ income.

NFTs priority fee reward

Additionally, miners are also enjoying priority fee rewards on NFT transactions through the EIP-1559 upgrade. With increased on-chain activity because of high NFT transfers and Defi apps, investors are ready to pay more priority fees combined with other factors, that have resulted in an overall increase in the total income of miners.