The burn rate of Ethereum (ETH) has risen to an all-time high (ATH) following the sale of land in Yuga Labs’ Metaverse project titled “Otherside.”
Yuga Labs, creators of the Bored Ape Yacht Club (BAYC), sold 55,000 NFT monkey lands called “Otherdeeds” on May 1st, where overwhelming demand for tokens has caused Ethereum fees to soar so high that users have to pay up to $500 million. 2.6 ETH ($7,400) to 5 ETH ($14,270) just to complete the transaction.
According to data collected from Glassnode and Data Always, nearly 70,000 ETH was burned on May 1, more than three times more than the previous estimated 20,000 ATH in mid-January.
Data from Ultrasound.Money showThat since the inclusion of EIP 1559 on August 5, 2021, the average burn rate is 5.81 ETH per minute.
However, amid Otherdeed NFT sales, the figure rose to 9.83 ETH per minute, totaling 99,084.65 ETH over the past seven days. And since then the burn rate has dropped to about 3.9 ETH per minute.
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