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Saturday, August 13, 2022

CyberKongz Has Burnt Through $4M Ether In 5 Hours

CyberKongz, an NFT which began as a collection of 1000 unique NFTs this year, has reached a popularity peak recently. So much that it toppled NFT marketplace OpenSea, along with Uniswap, the most popular decentralized exchange in the world, from their position as the largest consumer of Ethereum fee burning. This has marked a craze in NFTs which are animal-themed- to such an extreme that they have become a major hit in the consumption of Ethereum translation fees over the last 24 hours. 

CyberKongz Toppling Established Exchanges

This achievement by CyberKongz was reported by Wu Blockchain, a blockchain outlet from China, which reported that the NFT had burned almost 1,240 Ether in around five hours, which had a cumulative worth of $4 million. This mass monkey minting has led to the prices of gas to increase considerably with the average transactions reporting far higher prices of around $40 for more complex operations which could include smart contract interactions. 

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Ultrasound.money, the fee burning trackers for Ethereum, recently mentioned that CyberKongz was responsible for the burning of around 1,430 ETH or around $4.7 million over the last day. Incidentally, the NFT managed to burn more than both Uniswap and OpenSea combined. As stated by OpenSea, there have been around 3,000 NFTs in the collection which has almost 600 owners coupled with a 1.27 ETH floor price. 

As reported by the official website for the collection of NFT, the 34×34 pixel images of CyberKongz achieved major popularity due to their suitability as major profile pictures on social media as well as Discord. Interestingly, a banana token has also been formed- which provides the NFT with the ability to generate 10 tokens every single day. 

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