NFT Gorillas Burn $90,000 Ethereum Per Minute

[RSRS]

The Ethereum network hit a peak burn rate of 27.90 ETH per minute Sunday as users competed to mint CyberKongz VX NFTs.

NFTs Burn Ethereum
As NFT mania reaches its peak, so does the amount of Ethereum burned in transactions.

This weekend saw extreme levels of Ethereum burned, fueled by the highly-anticipated CyberKongz VX project launch. The launch, which took place Sunday afternoon, saw those looking to mint an NFT gorilla compete for block space on the network in what has become commonly known as “gas wars.”

All 10,000 CyberKongz were minted minutes after the contract went live, resulting in gas prices soaring to over 1800 gwei, burning 27.90 Ethereum per minute at its peak. At such high prices, the cost to mint a Kong rose to over $1800, including the large miner’s tip needed to have any chance of the transaction being processed.

More information