CyberKongz’ mass monkey minting burns $4M in Ether in 5 hours – Cointelegraph

CyberKongz’ mass monkey minting burns $4M in Ether in 5 hours – Cointelegraph

The latest craze in animal-themed nonfungible tokens (NFT) has been such a big hit that it has become the top burner of Ethereum transaction fees over the past 24 hours.

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

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

The mass monkey minting has caused gas prices to skyrocket, with average transactions reaching their highest level since late May at around $25. Etherscan’s gas tracker is reporting higher prices of over $40 for more complex operations such as smart contract interactions.

At the time of writing, ETH fee burning tracker Ultrasound.money was reporting that CyberKongz VX had been responsible for the burning of 1,430 ETH, or $4.7 million, over the past 24 hours. It was still ahead of both OpenSea and Uniswap — in fact, it burned more 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
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