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Sunday, September 19, 2021

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CyberKongz Mass Coinage Burns $ 4 Million worth of Ether in 5 Hours

The latest craze for animal-themed non-fungible (NFT) tokens has been such a hit that it has become the main culprit in the burning of Ethereum transaction fees in the last 24 hours.

CyberKongz, which started as a collection of 1,000 unique NFTs in early March 2021, has recently gained popularity. So much so that today it has usurped the NFT OpenSea market and the world’s most popular decentralized exchange, Uniswap, in terms of burning Ethereum fees..

The achievement was signaled by Chinese blockchain outlet Wu Blockchain, which reported that it had burned 1,240 worth of Ether (ETH), or about $ 4 million in just five hours.

“The NFT CyberKongz VX project has burned more than 1,240 ETH in 5h, ranking first on the burn list”

The massive minting of monkeys has caused gas prices to skyrocket, with average transactions reaching its highest level since the end of May at around $ 25. Etherscan’s gas tracker is reporting higher prices – over $ 40 – for more complex operations like smart contract interactions

At the time of writing, ETH’s fee tracker Ultrasound.money reported that CyberKongz VX had been responsible for the burning of 1,430 ETH, or $ 4.7 million, during the past 24 hours. It was still ahead of OpenSea and Uniswap; in fact, burned more than both together.

According to OpenSea, there are now 3,000 NFTs in the ape-themed collection with over 600 owners and a minimum price of 1.27 ETH, approximately $ 4,150. The most expensive, the first in the collection, was offered for 10,000 ETH, or $ 33 million.

According to the official website of the NFT collection, CyberKongz 34×34 pixel images achieved great popularity due to their suitability as profile images 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.

The minting event got underway on Sunday at 19:00 UTC. There are up to 10,000 CyberKong NFTs available for minting, including 3D ones that can be used in a metaverse.


Many thanks to everyone who purchased the CyberKongz VX! ♥ ️

There were a few hiccups right after minting, but we fixed it all!

If you want to buy CyberKongz VX on the secondary market, please make sure you buy from the correct collection: https://t.co/yuvSDKClCV “

OpenSea, where the newly minted CyberKongz are now being sold on the secondary market, is responsible for almost 16% of all gas used in the network. It has generated $ 2.7 million in fees in the last 24 hours.

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Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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