CyberKongz Collectibles Mass Emission Leads to R$21 Million Burning on Ether in 5 Hours

The latest craze for animal-themed non-fungible tokens (NFT) was such a success that it has become Ethereum’s main source of transaction fee burns in the past 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 Ethereum rate burning.

The achievement was noted by Chinese blockchain channel Wu Blockchain, which reported burning 1,240 on Ether (ETH), or about R$21 million in just five hours.

The NFT CyberKongz VX project burned over 1,240 ETH in 5 hours, ranking first on the burn list.

pic.twitter.com/5ZCfZmqcU2

– Wu Blockchain (@WuBlockchain) August 16, 2021

Mass minting of monkeys has caused gas prices to skyrocket, with average transactions reaching their highest level since the end of May, at around R$131. Etherscan’s gas tracker is reporting higher prices for over R$210 for more complex operations such as smart contract interactions.

At the time of this writing, ETH’s rate burn tracker, Ultrasound.money, reported that CyberKongz VX was responsible for burning 1,430 ETH, or R$24.6 million, in the last 24 hours. He was still ahead of OpenSea and Uniswap – in fact, he burned more than the two put together.

According to OpenSea, there are now 3,000 NFTs in the monkey-themed collection, with over 600 owners and a minimum price of 1.27 ETH – approximately R$21,745. The most expensive, the first in the collection, was being offered for a whopping 10,000 ETH, or R$172.9 million.

According to the official website of the NFT collection, the 34×34 pixel CyberKongz images have achieved great popularity due to their suitability as profile photos on Discord and social media. A banana token was also created, giving CyberKongz genesis the ability to passively generate 10 tokens per day for the next 10 years.

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

THAT WAS SO FAST! ⚡️

Many thanks to everyone who bought CyberKongz VX! ♥

There were some setbacks right after the coinage, but we’ve sorted everything out!

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

– CyberKongz (@CyberKongz) August 15, 2021

OpenSea, where newly minted CyberKongz are now selling in the secondary market, accounts for nearly 16% of all gas used on the network. It generated R$14.1 million in fees in the last 24 hours.

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