Ethereum burning spikes to new high on Yuga Labs’ NFT hype

Ethereum burning spikes to new high on Yuga Labs’ NFT hype


The burning rate of Ethereum (ETH) has spiked to new all-time high (ATH) levels following the heavily anticipated sale of tokenized land plots in Yuga Labs’ upcoming Metaverse project the “Otherside.”

Yuga Labs, the creators of the Bored Ape Yacht Club (BAYC) sold 55,000 virtual land NFTs dubbed “Otherdeeds” on May 1. The overwhelming demand for the tokens saw Ethereum gas fees shoot up so high that a handful of users paid as high as 2.6 ETH ($7,400) to 5 ETH ($14,270) just to get their transactions through.

A base fee of ETH is burned during each transaction on the network following the implementation of the London hard fork or EIP 1559 upgrade last year.

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According to data compiled from Glassnode and Data Always, nearly 70,000

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